Aldar Partners With Global Venture Capital Firm Fifth Wall To Invest In European Proptech Fund

Press release
Published May 3rd, 2021 - 09:48 GMT
Aldar Partners With Global Venture Capital Firm Fifth Wall To Invest In European Proptech Fund
Maan Al Awlaqi, Executive Director, Strategy and Transformation.
Highlights
Aldar Properties (‘Aldar’) has entered a strategic partnership with Fifth Wall, the world’s largest venture capital firm focused on real estate technology.

In line with its strategy to promote the adoption of disruptive technology in the real estate market, Aldar Properties (‘Aldar’) has entered a strategic partnership with Fifth Wall, the world’s largest venture capital firm focused on real estate technology. The investment into Fifth Wall’s European Real Estate Technology Fund (the “Fund”) makes Aldar the first limited partner from the MENA region to invest in the fund.

Through this investment, Aldar aims to tap into Fifth Wall’s large network of PropTech startups in Europe to gain access to the latest technologies and trends that are driving the evolution of the real estate sector. This access will provide Aldar with vital insights to inform its business decisions and identify solutions and potential enhancements to the various businesses that are part of Aldar.

With the European PropTech Association expecting USD 185 billion to be invested in PropTech globally before 2025, Aldar joins a group of established Fifth Wall strategic LPs from around the world who seek to identify and potentially invest in category-leading PropTech startups in the European real estate technology ecosystem.

Maan Al Awlaqi, Aldar’s Executive Director of Strategy and Transformation, commented: “Our investment in Fifth Wall marks the next phase of our innovation journey and will allow us to keep pace with the advancements of the Fourth Industrial Revolution. The fund provides us with access to global knowledge and solutions that will complement our investments in regional startups and established in-house innovation programmes. We believe that the new partnership will help Aldar to further drive digital transformation, enhance customer experience, and embed more sustainable practices.”

Fifth Wall operates one of the leading strategic advisory and investment platforms that focuses on real estate technology. Since its inception in 2016, Fifth Wall has approximately USD 1.7 billion in commitments and capital under management, making it the world's largest venture capital firm specialising in PropTech.

The partnership with Fifth Wall adds to Aldar’s existing portfolio of investments and initiatives that are focused on promoting innovation and technology in the real estate and retail sectors. Aldar has established an Innovation Office that provides organised and efficient access for startups and innovators into Aldar’s vast enterprise for trials and adoptions. This includes the Aldar Scale Up programme which focuses on enabling the development of the PropTech sector in the United Arab Emirates (‘UAE’), and the Manassah programme, which is Aldar’s entrepreneurship incubator that is aimed at nurturing retail technology startups and entrepreneurial talent in the Gulf region. Aldar’s Ibtikar challenge invites employees to submit ideas and concepts that can solve business challenges and enhance customer experience. Since its launch in 2018, Ibtikar has seen over 300 submissions, of which more than 17 were taken to proof-of-concept stage.

Background Information

Aldar Properties

Aldar Properties PJSC, is the leading real estate developer in Abu Dhabi, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate of Abu Dhabi.

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