Dubai: Got some spare space at your home or garden? If yes, you have an option to share it.
Australia’s spacenow.com has entered a region-wide agreement with Dubai’s SEED Group to make money out of that space through rentals of even an hour.
“The UAE and indeed the whole region has a great range of spaces and locations just waiting to be activated,” said Hisham Al Gurg, CEO of the Private Office of Shaikh Saeed bin Ahmad Al Maktoum and SEED Group.
“Currently, there is no short-term multi-space rental platform available, despite the growing number of top global businesses based in the region and the booming number of local start-ups and entrepreneurs.”
The Spacenow platform allows property and site owners to activate under-utilised space, ranging from studios to gardens and wall spaces to event venues. The partnership covers Dubai and Abu Dhabi as priority markets and widening to the entire region.
t contributes to the initial capital raised by Spacenow, which resulted in the soft launch of the international platform in January last.
The sharing economy is currently estimated at $100 billion and expected to more than triple to $330 billion in 2025. Spacenow now operates in 52 cities globally.
The SEED Group’s partnership will also help with the launch of the Spacenow App and the NOW Incubator Programme, aimed at helping entrepreneurs grow their businesses.
“The opportunity to monetise space is limited only by imagination,” said Daniel Gunning, Spacenow’s CEO. “Imagine renting out the walls of your retail store or foyer to an artist, or sharing your warehouse, or renting your building’s courtyard for a new product launch.
“With Spacenow you can list any asset for rent by the hour, day, week, month or year. If you are a new and developing fashion brand you could set up a pop-up store in many unique locations throughout the city. The Spacenow platform offers unrivalled flexibility, accessibility and affordability of desirable spaces to work, play or stay in.”
Spacenow will migrate its platform onto a blockchain in the coming months. Using Ethereum ERC20 “smart contracts”, Spacenow will take care of the difficulties associated with short-term sharing, such as legal issues, contracts, payments, and disputes, all facilitated on the blockchain and on a commission-free basis.
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