Department of Urban Planning and Municipalities and Smart Crowd Holdings Ltd. sign MOU at Cityscape Abu DhabiPress Release20 Apr 2019
Dubai – 20 April 2019: MOU set to promote the exchange of best practices for crowd-funded real estate investment
The Department of Urban Planning and Municipalities have entered into a Memorandum of Understanding (MOU) with Smart Crowd Holdings Limited on April 16th, 2019 in the presence of His Excellency Mohamed Al Khadar Al Ahmed, Executive Director of Strategic Affairs Sector, at Cityscape, Abu Dhabi’s largest real estate exhibition. Smart Crowd is an innovative real estate crowdfunding platform that allows individuals to invest in partial ownership of real estate, lowering entry costs into the real estate market. The platform is regulated by the Dubai Financial Service Authority (DFSA).
The agreement, signed by His Excellency Mohamed Al Khadar Al Ahmed on behalf of H.E. Mubarak Obaid Al Dhaheri, Undersecretary of the Department of Urban Planning and Municipalities and Mr. Siddiq Farid, Chief Executive Officer and Founder of Smart Crowd Holdings Ltd. is a result of the Department of Urban Planning and Municipalities’ aim to encourage the private sector to participate and innovate in Abu Dhabi’s real estate market, and promote economic growth in the country by encouraging real estate investment through collective ownership.
The MOU will allow both parties to explore the possibility of implementing a similar model of collective or joint ownership in the Emirate of Abu Dhabi, and develop proposals on the implementation of such a model in accordance with the laws and legislation in the Emirate.
“We are pleased to work on the proposed partnership with Smart Crowd. We hope to work together with the private sector to develop innovative ideas and mechanisms in the field of property investment in line with the Department’s interest in the growth of the real estate sector in Abu Dhabi,” said His Excellency Al Dhaheri.
Smart Crowd has opened the real estate market to a new generation of savvy investors, shifting the traditional real estate investment model. Interested investors simply need to register with Smart Crowd, choose a vetted investment property, and invest a fraction of the property’s value. Once the investment is made, ROI in the form of rental income is almost immediate.
“Our aim is to open the doors for individuals who want to invest in the real estate market, but who may see the initial capital investment as an obstacle. We are excited to bring this idea to the Abu Dhabi real estate market, and are thrilled to work with the Department of Urban Planning and Municipalities to do so,” said Mr. Siddiq Farid.
The MOU will promote the exchange of experiences and best practices in real estate investment through shared ownership.