Aldar to invest in European PropTech fund run by venture capital firm Fifth Wall | The National

Aldar to invest in European PropTech fund run by venture capital firm Fifth Wall | The National

Aldar Properties is partnering with US venture capital firm Fifth Wall to invest in a fund focused on supporting property technology start-ups in Europe.

Through the investment, Aldar plans to tap into Fifth Wall’s network of PropTech start-ups in Europe and "gain access to the latest technology and trends that are driving the evolution of the real estate sector”, the developer said on Monday.

Aldar is the UAE’s biggest listed developer with a market capitalisation of more than Dh27.75 billion ($7.5bn).

The company recently revamped its business and adopted a new operating model with a parent company overseeing its core development and investment businesses.

This included the creation of an Aldar Ventures unit.

“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,” said Maan Al Awlaqi, Aldar’s executive director of strategy and transformation.