Aldar's offices in Abu Dhabi. The developer's equity-free programme provides a gateway for tech start-ups to gain access to the UAE market. Delores Johnson / The National
Aldar's offices in Abu Dhabi. The developer's equity-free programme provides a gateway for tech start-ups to gain access to the UAE market. Delores Johnson / The National
Aldar's offices in Abu Dhabi. The developer's equity-free programme provides a gateway for tech start-ups to gain access to the UAE market. Delores Johnson / The National
Aldar's offices in Abu Dhabi. The developer's equity-free programme provides a gateway for tech start-ups to gain access to the UAE market. Delores Johnson / The National

Aldar awards pilot projects to five technology start-ups through its accelerator programme


Fareed Rahman
  • English
  • Arabic

Aldar Properties, Abu Dhabi’s biggest listed developer, has awarded pilot projects to five technology start-ups as part of the second cycle of its Scale Up accelerator programme that was unveiled last year in partnership with Majid Al Futtaim Communities.

The five selected businesses specialise in spatial and artificial intelligence, blockchain, non-fungible token (NFT) applications and data analytics, Aldar said on Monday.

The selected companies include spatial business intelligence platform LlamaZoo, augmented reality-focused media company Darabase and Geotwin, an advanced computing and research start-up that offers a low-risk and cost-efficient way for organisations to test and evaluate strategies and investments.

Metaverse Architects, an advisory company in the Metaverse sector, and Sook Space were also selected as part of the programme.

“The real estate technology start-up landscape has grown over 300 per cent in the past decade, with an estimated 8,000 PropTech [property technology] companies identified, said Maan Al Awlaqi, executive director of strategy and transformation at Aldar Properties.

He said there was significant demand for PropTech platforms in the UAE, particularly with the global shift towards Web3.

“Selected start-ups have demonstrated that their solutions can add real value to Aldar’s business model, whether through spatial intelligence platforms, monetising our real estate in the metaverse or by connecting our communities with experiential spaces,” Mr Al Awlaqi said.

“We see great potential in these pilot projects and look forward to working with them.”

Maan Al Awlaqi, executive director of strategy and transformation at Aldar Properties. Photo: Aldar
Maan Al Awlaqi, executive director of strategy and transformation at Aldar Properties. Photo: Aldar

The initiative is part of Aldar’s equity-free programme that provides a gateway for global technology start-ups to gain access to the UAE market. It was launched in February last year in association with startAD — an accelerator based at New York University Abu Dhabi.

The five start-ups were selected after a rigorous process in which more than 300 applications from 69 countries were assessed, Aldar said.

The metaverse is the emerging digital space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds.

It is part of Web3, which is being touted as the next iteration of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.

The move comes at a time when the UAE's property market is continuing to recover from the coronavirus pandemic on the back of the government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme and the economic boost generated by Expo 2020 Dubai.

The market has also benefitted from the country's widespread Covid-19 vaccination programme, which has kept cases relatively low.

The global metaverse industry is projected to grow to about $829 billion in 2028, from about $48bn in 2020, according to Emergen Research.

Web3, meanwhile, is expected to be valued at about $6.2bn in 2023, and is projected to grow at a compound annual rate of 44.6 per cent from 2023 to 2030, according to Market Research Future.

Aldar Properties is also teaming up with US venture capital company Fifth Wall to invest in a fund focused on supporting property technology start-ups in Europe, it said last year.

Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.
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Company%20profile
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The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

A German university was a good fit for the family budget

Annual fees for the Technical University of Munich - £600

Shared rental accommodation per month depending on the location ranges between  £200-600

The family had budgeted for food, books, travel, living expenses - £20,000 annually

Overall costs in Germany are lower than the family estimated 

As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640

Students are permitted to withdraw £720 per month

MATCH INFO

Borussia Dortmund 0

Bayern Munich 1 (Kimmich 43')

Man of the match: Joshua Kimmich (Bayern Munich)

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Mountain%20Boy
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Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

MATCH INFO

Manchester City 2 (Mahrez 04', Ake 84')

Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)

Man of the match: Jamie Vardy (Leicester City)

Women%E2%80%99s%20Asia%20Cup
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PAKISTAN v SRI LANKA

Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore

Tickets are available at www.q-tickets.com

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Updated: May 30, 2022, 12:06 PM