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Dubai has introduced the inaugural licensed real estate tokenization initiative in the Middle East and North Africa (MENA) region. This project is being carried out with the backing of prominent government and financial entities within the UAE.
The Dubai government, in partnership with the Dubai Land Department (DLD), the Central Bank of the UAE, and the Dubai Future Foundation (DFF), has revealed the launch of the region’s first licensed real estate tokenization project in MENA.
Trading of tokens will occur through the Prypco Mint blockchain platform, with Zand Digital Bank designated as the banking partner for the initial phase. During this first stage, access to the platform will be restricted to UAE citizens possessing the necessary identification. The project will subsequently be broadened to include non-residents.
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This initiative will provide private investors with the chance to acquire shares in genuine Dubai real estate assets represented as tokens. The minimum investment required is 2,000 dirhams (~$545). All transactions associated with the project will be conducted solely in the national currency, excluding the use of digital assets.
Adherence to regulatory standards is intended to guarantee a high degree of investment transparency. In accordance with relevant regional legal frameworks, investors will have complete access to information regarding the properties, including pricing, risks, and technical details.
The launch of this initiative was made feasible through collaboration between the DLD and the Dubai Virtual Asset Regulatory Authority (VARA) in establishing the infrastructure for real estate tokenization in Dubai.
As per Custom Market Insights, the global market for real estate tokenization may reach $19.4 billion by 2033. In Dubai, the DLD estimates that tokenized assets could represent up to 7% of the real estate market, amounting to 60 billion dirhams (~$16 billion).
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