The Department of Urban Planning and Municipalities (DPM) has today signed a Memorandum of Understanding (MoU) at an official signing ceremony at Cityscape Abu Dhabi 2019.
The MoU is an agreement with Smart Crowd Holding Ltd to promote economic growth in the UAE and encourage real estate investment through collective ownership.
The partnership aims to encourage the development of innovative ideas and mechanisms in property investment that will enhance the real estate sector and help achieve a more sustainable economy.
The MoU was signed by H.E. Mohamed Al Khadar Al Ahmed Executive Director - Strategic Affairs Sector of the DPM, and Siddiq Farid, CEO and Founder of Smart Crowd Holding Ltd.
H.E. Mohamed Al Khadar Al Ahmed Executive Director - Strategic Affairs Sector in DPM, said: “At the DPM, we support partnerships that encourage real estate investment, enhance quality of life and inspire innovation. The MoU will reinforce the DPM’s active pursuit of achieving these objectives for the benefit of the entire Emirate. It is an example that illustrates the need to build a more diversified real estate portfolio that attracts a wider range of the population. We hope this will be the start of a long and fruitful collaboration with our respective organization and will help encourage the private sector to participate and innovate for the benefit of the region.”
Mr. Siddiq Farid – CEO and Founder of Smart Crowd Holdings Ltd – said: “We are extremely excited and humbled by DPMs invitation to work collaboratively to bring innovation in real estate investing in Abu Dhabi. By sharing our experience and learnings we will be able to develop a framework that is beneficial to all stakeholders. This is extremely positive for the Emirate as well as UAE that the government is taking the lead in fostering and encouraging innovation”
The DPM will also be working in partnership with Smart Crowd Holding Ltd to develop innovative tools to encourage real estate buying and selling.
This will include analysis of Smart Crowd Holding Ltd’s joint ownership business model in Dubai and the possibility of implementing a similar one in Abu Dhabi.