Dubai’s Roads and Transport Authority (RTA) has entered into a strategic partnership with SmartCrowd Holding Ltd, the parent company of SmartCrowd Ltd, by signing a Memorandum of Understanding (MoU). SmartCrowd Ltd, licensed by the Dubai Financial Services Authority (DFSA), is recognised as the first digital platform specialising in real estate investment and crowdfunding across the Middle East and North Africa.
The MoU outlines plans to create a digital platform powered by blockchain technology. This platform will attract investments in non-fungible tokens (NFTs) for real estate and public facilities that RTA plans to develop in Dubai. These projects include rest areas featuring retail stores and service centres offering continuous investment returns.
The official signing ceremony occurred at RTA’s Head Office, with Ahmed Hashim Bahrozyan, CEO of RTA’s Public Transport Agency, representing RTA, and Siddiq Farid, Founder and CEO of SmartCrowd, signing on behalf of the company.
Expressing his enthusiasm for the partnership, Bahrozyan praised SmartCrowd for its innovative approach to real estate investing, leveraging regulations and cutting-edge technologies like blockchain. He noted that the MoU builds on SmartCrowd’s successful pilot of a blockchain-based platform in Pakistan in 2022, aligning with RTA’s commitment to integrating emerging technologies into its operations and services.
“The signing of this MoU is a significant milestone, marking RTA’s entry into the investment space for digital and non-fungible assets in public facilities and real estate. This initiative is expected to create new opportunities for RTA to diversify its revenue streams and enable a broader segment of the community to participate in investments that do not require substantial capital,” Bahrozyan said.
“This collaboration is a key part of RTA’s strategy to partner with the private sector and enhance Dubai’s status as a regional economic powerhouse. It supports RTA’s strategic goal of achieving financial sustainability and fostering innovative private sector partnerships, particularly in the digital economy.”
Farid expressed his excitement about the partnership: “This collaboration reflects our forward-thinking approach as we stay ahead of rapid technological advancements. SmartCrowd has always been at the forefront of innovation, establishing the region’s first digital real estate platform from regulatory and technological perspectives. We are strategically leveraging emerging technologies to elevate our initiatives further.
“We are fortunate to operate in a country that fosters and champions innovation. Partnering with a government entity that shares our vision is particularly thrilling, as it allows us to offer unique investment opportunities that contribute to Dubai’s remarkable growth.”
