Abu Dhabi – Mubasher: Aldar Properties has partnered with Fifth Wall, the largest property technology venture capital firm in the world, to invest in the European Real Estate Technology Fund.
The real estate developer is the first limited partner (LP) from the MENA region to invest in the fund, joining a group of Fifth Wall’s LPs worldwide that invest in property technology startups in Europe, according to a statement on Monday.
According to the European PropTech Association, property technology is expected to attract $185 billion in investments worldwide before 2025.
With about $1.7 billion in commitments and capital under management since its launch in 2016, Fifth Wall has become the world’s largest venture capital company specialising in property technology.
Maan Al Awlaqi, Aldar’s Executive Director of Strategy and Transformation, said: “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.”
“We believe that the new partnership will help Aldar to further drive digital transformation, enhance customer experience, and embed more sustainable practices,” Al Awlaqi noted.
