Dubai’s Roads and Transport Authority (RTA) recently partnered with SmartCrowd Holding Ltd, the parent company of SmartCrowd Ltd, to launch an innovative NFT investment platform.
Dubai RTA and SmartCrowd Partnership
Dubai RTA and SmartCrowd signed a Memorandum of Understanding (MoU). The MoU outlines plans to create a blockchain-powered digital platform. This blockchain platform aims to attract investments in non-fungible tokens (NFTs) for real estate and public infrastructures that RTA plans to develop in Dubai. These projects include rest areas with retail stores and service centers, offering continuous investment returns.
The official signing ceremony took place 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 their respective companies.
Expressing his enthusiasm for the partnership, Bahrozyan commended SmartCrowd for its innovative approach to real estate investing. SmartCrowd approach leverages regulations and advanced technologies like blockchain. He noted that the MoU builds on SmartCrowd’s successful pilot of a blockchain-based platform in Pakistan in 2022. This aligns with RTA’s commitment to integrating emerging technologies into its operations and services.
Bahrozyan further stated that the signing of this MoU is a significant milestone. It marks RTA’s entry into the investment space for digital and non-fungible assets in public facilities and real estate. This project is expected to create new opportunities for RTA to diversify its revenue streams. Moreover, the project enables a broader segment of the community to participate in investments without requiring substantial capital.
He further noted that 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, saying that this collaboration reflects their forward-thinking approach as they 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 both regulatory and technological perspectives. They are strategically leveraging emerging technologies to elevate their partnership further.
Final Words
Dubai RTA and SmartCrowd partnership births a blockchain-powered digital platform. The blockchain platform will bring non-fungible tokens (NFTs) investments in real estate and public infrastructures to Dubai.
Frequently Asked Questions
What does SmartCrowd Ltd do?
SmartCrowd Ltd is the first digital platform specializing in real estate investment and crowdfunding in the Middle East and North Africa.
Who is the Founder of Smartcrowd?
Siddiq Farid is the founder of SmartCrowd.
Can I Invest in Dubai Real Estate?
Yes, you can invest in the Dubai real estate market.
Is SmartCrowd Real or Fake?
SmartCrowd is real.
Who are SmartCrowd Competitors?
Some of the SmartCrowd competitors are EcoTree, OneH Technologies, Baltis Capital, etc.
What does RTA do in Dubai?
RTA performs numerous duties in Dubai. Dubai RTA provides public transportation, registers vehicles, issues licenses to Dubai residents, oversees road construction and maintenance, etc.
When was RTA Dubai established?
RTA was established on 1 November 2005.
