Smart Crowd Signs Deal with Abu Dhabi Government to Grow Property Crowdfundingby Fintechnews Middle East 22. April 2019
Smart Crowd, an investment platform for buying and selling shares in property, is now working with the Department of Urban Planning and Municipalities to bring property crowdfunding to a bigger scale in the kingdom.
Smart Crowd is a crowdfunding platform that allows individuals to invest into partial ownership of real estate, which in turn lowers entry costs for the real estate market.
The agreement is part 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.
With the signing of a memorandum of understanding (MoU), both parties will be exploring 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.
Siddiq Farid, founder of Smart Crowd said:
“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.”
Featured image via Smart Crowd