Aldar Properties and Taronga Ventures announce strategic partnership during recent visit.
Sydney, Australia: A senior delegation of business leaders from the UAE, led by HE Abdulla Al Subousi, UAE Ambassador to Australia and HE Badr Al-Olama, Co-Chair of the Australia UAE Business Council, recently completed their visit to Australia.
The delegation, hosted by the Australia UAE Business Council, toured Asia-based technology investor Taronga Ventures’ RealTech Innovation Precinct at International Towers Barangaroo, where they were treated to a display of global technologies impacting built environment sectors, including real estate, infrastructure, mobility and energy. The delegation also toured the solar rooftops of International Towers, with 360-degree views of Sydney.
The strategic visit focused on strengthening ties with Australia, with a strong emphasis on technology and innovation.
During the visit, it was announced that one of the UAE’s largest developers, Aldar Properties (‘Aldar’), is joining leading global pension funds, institutional investors and other real estate groups with an investment into Taronga Ventures’ RealTech Ventures Fund. The investment forms part of both Aldar and Taronga Ventures’ strategy to drive greater technology access and adoption for the built environment across the UAE.
Taronga Ventures’ ecosystem supports and scales emerging technologies impacting real estate, infrastructure and the broader built environment. Taronga Ventures invests into these companies and supports them through strategic access to its network of leading real estate owners – including institutional investors such as PGIM Real Estate, Mitsubishi Corporation, Grosvenor, CBRE Inc, Dexus, APG and Ivanhoé Cambridge, amongst others.
HE Badr Al-Olama, Co-Chair Australia UAE Business Council said: “The real estate sector is still a relatively traditional industry that has been slow to adopt modern technologies. Through this strategic partnership between Aldar and Taronga Ventures, we look forward to strengthening the UAE’s position as a global hub for world leading companies and emerging disruptive technologies delivering innovative solutions that positively impact the real estate sector and broader built environment.”
The Hon. Christopher Pyne, Co-Chair Australia UAE Business Council said: “The partnership between Aldar and Taronga Ventures is a great example of the collaboration the Australia UAE Business Council seeks to foster. This strategic investment will support the expansion of emerging technology companies in the UAE, Australia and beyond.”
Avi Naidu, Co-Founder and Managing Partner, Taronga Ventures, said: “The UAE and broader Middle East presents one of the most exciting regions for built environment technology companies. There is a significant amount of large-scale real estate and infrastructure development happening across the region, incorporating the most forward-thinking design and technology elements of assets anywhere in the world. Combined with the region’s considerable growth opportunity for emerging technologies, it is clear that smart and sustainable development is a core principle for major groups like Aldar, which is why we are delighted to be partnering with them.”
About the Australia UAE Business Council (AUSUAEBC)
The Australia UAE Business Council provides unparalleled access to senior decision makers in business and government with the aim of deepening bilateral trade and investment, expanding opportunities for Australian and Emirati businesses and strengthening the ties between two great nations. Chaired by the Hon Christopher Pyne and HE Badr Al Olama, the Australia UAE Business Council assists member companies and organisations connect with their counterparts, fostering innovation and enterprise in Australia and the UAE.
About Aldar
Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.
Aldar Development is a master developer of integrated, livable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 65 million sqm land bank and includes three businesses: Aldar Projects, which manages Aldar’s fee-based development management business, including AED 45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investment houses Aldar’s core asset management business comprising over AED 22 billion portfolio of investment grade and income-generating real estate assets diversified across retail, residential, commercial and hospitality segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, including Aldar Academies, the leading education group in Abu Dhabi, with 20 schools, over 26,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.
Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat, in addition to Ras Al Khaimah. It includes Aldar’s portfolio of 11 hotels, comprising over 3,600 hotel keys and managing operations across golf courses, beach clubs and marinas.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.
For more information on Aldar please visit www.aldar.com
About Taronga Ventures
Taronga Ventures is a leading technology and innovation investor focused on the real estate sector and the wider built environment. The group consists of the RealTech Ventures Fund, the RealTechX innovation programand Taronga Advisory and has offices in Singapore and Australia. The Fund is backed by global institutional investors and major real estate owners including PGIM Real Estate, Dexus, APG, Ivanhoe Cambridge, CBRE Inc, Mitsubishi Corporation, Nomura Real Estate, Patrizia AG, Grosvenor, Vicinity Centres, Qantas Super, amongst others.
The Fund invests into scalable technology and innovation that enhances the traditional real estate and infrastructure sectors. Taronga Ventures is focused on investing in strategic opportunities and providing its institutional partners first mover advantage, whilst maintaining a focus on creating a better built environment, through sustainable and responsible investment practices. Recognising that climate change is the biggest global challenge we all face, Taronga Ventures has been independently certified as being carbon neutral.
For Australia UAE Business Council media enquiries, please contact:
Tamika Dartnell-Moore
Executive Director
P: +61 (0) 427 868 537
E: tdm@ausuaebc.com
For Aldar Properties media enquiries, please contact:
Obaid Al Yammahi
Aldar Properties
+971 2 810 5555
Sarah Abdelbary
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com
For Taronga Ventures media enquiries, please contact:
Avi Naidu
Taronga Ventures
M: +61 402 444 170
E: avi.naidu@tarongagroup.com
Jonathan Hannam
Taronga Ventures
M: +61 435 688 880
E: jonathan.hannam@tarongagroup.com