The UAE's biggest listed property company, Aldar, has joined forces with startAD, an accelerator at NYU Abu Dhabi, to roll out a programme for property technology (PropTech) start-ups.
The initiative, known as Aldar Scale Up, will choose a number of global PropTech companies to get involved in a four-month online programme. Five companies will be chosen at the end of the period to partner with Aldar on pilot projects.
Start-ups will provide ways of addressing challenges in the real estate sector such as effective energy management, the development of smart cities and the protection of biodiverse ecosystems, Aldar said in a statement on Tuesday.
The programme provides an opportunity for promising start-ups to connect with larger businesses and receive help to scale their businesses and grow in Abu Dhabi, Maan Al Awlaqi, executive director of strategy and transformation at Aldar, said.
“The PropTech sector seems to be finally gaining steam globally and is revolutionising the landscape … as this narrative evolves, it is important that companies remain agile by tapping into emerging trends and investing time and resources in property technology,” he added.
Aldar, which has a market capitalisation of almost Dh25.6bn, on Sunday announced a new group operating model that will see a parent company overseeing its two main operating divisions –investment and development. Within the development arm, a new unit known as Adnoc Ventures has been created to "incubate and nurture new business opportunities and innovation areas", the developer said.
Ten companies in total will be given the chance to pitch to a selection committee at the end of the programme. In addition to working on pilot projects with Aldar, PropTech start-ups will be offered the opportunity to work with other UAE companies, Aldar said.
"Infrastructure and construction programmes are known to have a direct link to economic growth, job creation and reduction of poverty," Ramesh Jagannathan, vice-provost for entrepreneurship at NYU Abu Dhabi, and managing director of startAD, said.
Abu Dhabi's Hub71 technology accelerator will also join the programme’s selection committee.
PropTech start-ups selected for Aldar Scale Up will also automatically be shortlisted for Hub71’s incentive programme, which offers more than $400,000 worth of equity-free subsidies including free housing, health insurance and office space for up to three years.
The construction sector needs to spend close to $57 trillion by 2030 to keep pace with global gross domestic product growth, according to the McKinsey Global Institute.
“That is more than 60 per cent of what has been spent in the last two decades. Interestingly, 40 per cent of this spend could be recouped through improved productivity by digitalisation, and embracing currently available technologies,” Mr Jagannathan said.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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