Aldar awards contracts for technology companies for pilot projects

“Aldar” awards contracts to “Lamazoo”, “Darabez”, “Giowein” and “Souq Space”
Majid Al Futtaim Communities Grants Souq Space and Metaverse Architects Pilot Projects
Abu Dhabi: “The Gulf”
Aldar Real Estate Company, “Aldar”, Announces Five Technology Startup Contracts to Implement Pilot Projects as Part of the Second Edition of its Scale Up Program to Accelerate Business and Support Beginners Without Acquiring Ownership Interests , in partnership with its strategic partner Majid Al Futtaim Communities. These companies provide solutions in rapidly evolving technologies in the areas of spatial and artificial intelligence, blockchain, non-replaceable tokens (NFT) and data analytics, in line with the UAE’s ambitions to transform its cities into smart and sustainable in response to the accelerating global shift to third generation web technology (WEB). 3.0).
This year’s edition of the program, developed in partnership with StartAD, focuses on attracting global beginners who have technologies that can shape the future of the real estate sector and shape the world of Metaverse. Aldar has awarded contracts to implement pilot projects for four global beginners, while Majid Al Futtaim communities have awarded two contracts to two beginners.
The list of the five new businesses that have received contracts for pilot projects, and companies that have received contracts from Aldar: Lamazoo, a spatial intelligence platform that enables organizations to create a real-time digital twin of places, spaces and things, and Darabis, a media company specializing in augmented reality technology for outdoor advertising, encoding and monetization of digital property rights in the world of Metaverse, and Geotwin, a beginner in computer and advanced research, operating a SaaS platform and a low-risk and provide efficient service. costs for companies that want to test and evaluate their strategies and investments. For companies that have obtained contracts from Majid Al Futtaim’s communities, it includes SouqSpace, a platform that provides access to affordable, flexible and sustainable spaces that can be digitally connected and available in multiple locations that can be booked by the hour. which large and small companies to connect with communities that achieve their work and prosperity, and Metaverse Architects, a leading development, investment and consulting firm in the Metaverse sector.
300 orders
The business accelerator program “ScaleUp” selected 10 start-ups from more than 300 applications from 69 countries, and these companies received specialized training during the program’s four-week duration under the supervision of pioneers in the world of innovation from Aldar. Properties and Majid Al Futtaim These companies have benefited from access to global experts and industry leaders in the region. The average funding for beginners participating in the program was $ 632,000, and they achieved an average annual return of $ 619,000. All ten selected start-ups submitted their solutions to the jury to select pilot projects with Aldar and Majid Al Futtaim communities.
Maen Al-Awlaki, Executive Director of Strategy and Transformation at Aldar Properties, said: “The real estate technology market has grown by more than 300% over the last ten years, with an estimated 8000 real estate technology companies registered, and the UAE has witnessed a huge demand for real estate technology platforms. , especially with the accelerated global shift to third-generation web technology (WEB 3.0). Despite the overall decline in venture capital activity worldwide during the first quarter, the value of transactions in the MENA region continued to grow at an accelerated pace. During the first three months of 2022, approximately 70% of the total fund raised throughout 2021 was raised, reflecting the strong desire to invest in start-ups. ”
He added: “Aldar’s ScaleUp program is designed to meet this growing demand, giving us and our partners the opportunity to connect with global beginners who are reforming the business landscape. Beginners have shown the real value that their solutions to Aldar’s business model can add, either by spatial intelligence platforms, by investing our properties in the world of Metaverse, or even by connecting our communities with experience spaces.We see significant growth potential in these pilot projects and look forward to working with the selected companies work.”
Support for real estate companies
Shadi Al-Azzeh, Managing Director of Majid Al Futtaim Group, said: “At the Majid Al Futtaim Communities, we strive to support emerging real estate companies and help them achieve their ambitions, as well as pave the way for future innovation. in real. estate and the promotion of this sector. Technological developments in the real estate sector will positively reflect on the mixed-use communities, and increase their efficiency, and we expect this to happen during 2022, if we take into account the developments in the world of metaverse, the adoption of sustainable patterns, the increase in the number (Gen Z), in addition to new societies Which now dominates the real estate technology scene more. There is no limit to the potential of the real estate sector in the UAE, and the real opportunity lies in building bridges of communication between the real world and the developed digital world of metaviruses. Innovation and digital transformation are important strategic pillars at Majid Al Futtaim, and we look forward to working with selected beginners by exploring the world of metaverse or connecting our communities through digital touchpoints. ”
Six trial decades
In turn, Ramesh Jaganathan, General Manager of StartAD, said: “10 start-ups have managed to enter the ScaleUp program, and within a period of only 4 weeks, Aldar and Majid Al Futtaim Integrated Cities Projects awarded 6 contracts for pilot projects , which reflects the inevitability of digital transformation in the real estate sector in Abu Dhabi in particular, and the UAE in general, at an accelerating pace. In addition, 60% of these companies operating within the advanced technology areas of the third generation of Web (WEB 3.0), non-fungal signs (NFT) and metaverse will have tangible opportunities to contribute to customer redefinition experience within the property. sector, and improving the role and position of the UAE in drawing the future of the global economy.

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