June 26, 2024
Real Estate UAE

Dubai’s RTA In Pact To Propel Public Infrastructure Investment

Involving Digital Assets

The Roads and Transport Authority (RTA) in Dubai has signed a Memorandum of Understanding (MoU) with SmartCrowd to boost investment opportunities in public infrastructure in Dubai emirate under the purview of the Authority.

The new partnership is a significant step in Dubai’s journey towards embracing innovative digital solutions in real estate investment and crowdfunding.

SmartCrowd, a leader in digital platforms licensed by the Dubai Financial Services Authority, is pioneering real estate investment and crowdfunding across the Middle East and North Africa region.

Dubai’s RTA and SmartCrowd are collaborating to establish a cutting-edge digital platform underpinned by blockchain technology to attract investments in non-fungible tokens for various public facilities planned by Dubai’s RTA. These facilities include rest areas with retail stores and service centres.

Ahmed Hashim Bahrozyan, CEO of Dubai’s Public Transport Agency, and Siddiq Farid, Founder and CEO of SmartCrowd, sealed the partnership at the official signing ceremony in Dubai.

Bahrozyan commended SmartCrowd for its innovative approach to real estate investing, leveraging regulatory frameworks and cutting-edge technologies like blockchain to drive sector evolution.

“This MoU signifies [Dubai’s] RTA’s foray into digital and non-fungible asset investments for public infrastructure and real estate,” said Bahrozyan.

“It is poised to unlock new avenues for revenue diversification and enable wider community participation in investments without the need for substantial capital.”

He also highlighted the initiative’s role in enhancing Dubai’s standing as a regional economic powerhouse and fostering financial sustainability as a key strategic objective for Dubai’s RTA. Farid echoed Bahrozyan’s sentiments, emphasising SmartCrowd’s commitment to innovation and leveraging emerging technologies to propel their initiatives forward.

“This partnership validates our forward-thinking approach as we continue to embrace fast-evolving technologies,” said Farid. “Partnering with a government entity that shares our vision allows us to deliver unique opportunities for everyone to participate in Dubai’s remarkable growth journey.”

Featured image: (L-R) Siddiq Farid and Ahmed Hashim Bahrozyan sign the MoU in Dubai City. Credit: Dubai’s RTA

    Middle East News 247

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