Aldar, the biggest property developer in Abu Dhabi, will gain access to technology co-investment opportunities providing additional revenue streams and new efficiencies for its portfolio. Aldar Properties has invested in Taronga Ventures, a property technology investor operating across the Asia-Pacific region. By tapping into technology and tech-enabled companies across the world, Aldar is not only able to further diversify its business but crucially, it is able to facilitate the transfer of innovation to the Middle East’s real estate market.
The investment in Taronga is Aldar’s first in a property fund in the Apac region, where investment in PropTech is expected to reach $26 billion by 2024. Taronga invests in “innovation-driven companies” and provides strategic access to its network of property co-investors. It is also a certified carbon-neutral platform and prioritizes collaboration with companies aligned with the UN’s Sustainable Development Goals. The partnership is Aldar’s fifth in a property technology fund and diversifies the developer’s exposure to the sector, the statement said. Its investments in the funds are part of the company’s strategy to boost innovation and support start-ups.