UAE creates Bankruptcy Court to handle related financial disputes
The court will be responsible for adjudicating all applications and disputes arising from the implementation of the provisions of the Federal Decree-Law on Financial Reorganisation and Bankruptcy.
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The National
7 minutes ago
- The National
The new safety measures now in place at Beirut Port, five years on from explosion
Five years on from the devastating port explosion in Beirut, tighter regulations concerning the shipping, handling and storage of goods have been introduced to prevent such a tragedy from happening again. While no one has been held accountable for the disaster that brought large parts of Lebanon's capital to its knees on August 4, 2020, new legislation has now been introduced. The tragedy happened when 2,750 tonnes of ammonium nitrate exploded, killing more than 220 people and injuring thousands more. Ammonium nitrate is a commodity used in fertiliser and the port was a vital gateway for imported grains, food, cars and other goods into the region. The safety security and well-being of residents, local businesses, port workers and seafarers in the immediate vicinity should always be the highest priority for port and coastal state authorities David Hammond, executive director of Human Rights at Sea International Lawyers working for shipping agents have welcomed the new measures, but have called for greater enforcement. 'There were already robust rules and regulations regarding the carriage of dangerous material on board vessels,' said Toufic Safie, a partner at shipping specialist law firm Stephenson Harwood Middle East LLP. 'The problem was a breaching of all those already established rules and regulations. This was due to another aspect of the shipping industry that has less to do with the handling of dangerous goods, or the carriage of goods by sea, but more to do with essentially the practice of owning and operating vessels.' Lethal load The lethal ammonium nitrate responsible for the massive explosion in 2020 was transported to the Lebanese capital in 2014. It was brought into port by Moldovan-flagged cargo vessel Mv Rhosus, which had been diverted to Beirut and detained by port authorities due to unpaid bills. According to maritime crime watchdog, Stable Seas, the ship destined for Mozambique was later abandoned in Lebanon by its owner. That left gaps in regulatory checks that should have included the ship's cargo, which had been confiscated and stored in a nearby warehouse. A joint report by Stable Seas and One Earth Future Foundation, an NGO supporting global governance, found effective enforcement of maritime laws was dependent on international co-operation and multilateral information-sharing. While Lebanon did have comprehensive regulations in place, political instability at the time stopped it from being fully enforced. The International Cargo Handling Co-ordination Association (ICHCO) sets industry standards but has acknowledged, according to Mr Safie, that although most ports do have safety procedures they are "not comprehensive enough". Shipping industry alerted In the recent industry circular, the interim director general of Beirut Port, Omar Abdul Karim Itani, said the unloading of goods would be prevented if paperwork discrepancies were found. 'This condition is mandatory for accepting any shipment at the Port of Beirut,' he said in the circular. Further to the greater scrutiny now required, all related handling and destruction costs of prohibited goods must now be paid by importers. Shipping agents are also required to provide financial guarantees. Since the 2020 explosion, the volume of goods passing through Beirut has dramatically reduced as the port is rebuilt. In 2019, the port handled up to eight million tonnes of cargo. In March 2025, it was 609,000 tonnes. However, according to industry analysts Blominvest, there are positive signs, with increases in container activity and cargo volume recorded over certain periods. Challenges remain, including the impact of regional conflicts, fluctuating cargo volumes and higher insurance costs. David Hammond, executive director of Human Rights at Sea International, has welcomed the port's security improvements. 'Whether the source of the explosion in Beirut was foreseeable or unforeseeable, the safety, security and well-being of residents, local businesses, port workers and seafarers in the immediate vicinity should always be the highest priority for port and coastal state authorities,' he said. "It is an ongoing duty and requirement, globally.'
Gulf Business
37 minutes ago
- Gulf Business
From bricks to blockchain: Perspectives on Dubai's real estate revolution
Images: Supplied Real estate tokenisation is no longer a concept of the future — it's a fast-unfolding reality, and Dubai is at the forefront. As the emirate pilots regulated models and integrates blockchain infrastructure into government systems, tokenisation is reshaping ownership, access, and investment. From luxury properties on Palm Jumeirah to institutional-grade smart contracts, this evolution is creating a more accessible, liquid and tech-enabled marketplace. Below, key voices shaping the property landscape share their perspectives on how tokenisation is transforming the industry. Yogesh Bulchandani , CEO, Sunrise Capital Tokenisation has the potential to democratise real estate by enabling fractional ownership, making high-value assets accessible to a broader base of investors. It directly addresses two longstanding barriers in the sector: liquidity and transparency. With the global tokenised real estate market valued at $3.5bn in 2024 and forecasted to reach $19.4bn by 2033, the shift is already well underway. The UAE is taking clear strides in this direction, with active pilots from the Dubai Land Department, the Virtual Assets Regulatory Authority, and the Central Bank. For adoption to accelerate, we need clearer legal frameworks around smart contracts, greater system interoperability, and robust investor education. Hospitality assets and branded residences are proving the most popular for tokenised and fractional ownership, largely thanks to their dependable income potential and strong brand equity. We are also seeing increased interest in luxury residential units, driven by their asset appreciation and global demand. For developers, tokenisation unlocks new capital channels, accelerates presales, and improves liquidity. For investors, the appeal lies in lower entry points, diversification, and the ability to trade shares — benefits that traditional real estate often lacks. In Dubai alone, tokenised real estate transactions reached $399m in H1 2025. We're piloting smart contracts for escrow handling, rental flows, and milestone-based payments. The primary challenge remains legal enforceability under UAE civil law, which currently views smart contracts as auxiliary agreements. Developers and proptech firms are increasingly collaborating to build tokenised platforms, with joint ventures forming and platforms like Zeeshaan Shah , c hairman, One Group and founder of ELEVATE We've seen tokenised real estate gain serious traction across the UK and Europe, driven by a broader wave of innovation powered by AI, blockchain, and advanced proptech platforms. The UAE, with its investor-friendly climate, tech-forward mindset, and appetite for disruption, is a ripe market to take this on. But for tokenisation to move from hype to tangible impact, what's crucial is the creation of a robust, integrated ecosystem — legal, digital, and financial. Dubai, in particular, has the infrastructure and ambition to not just adopt these technologies, but to lead the region — and possibly the world — in setting the benchmark. Veer Doshi , MD and CEO, Vincitore Real Estate Development Over the next decade, tokenisation will unlock unprecedented access, liquidity, and global reach — just as Dubai has pioneered through the DLD–VARA pilot and REES sandbox in 2025. It will energise secondary markets, streamline off-plan financing, and elevate fractional investing from novelty to mainstream—helping Dubai secure a projected $16bn tokenised market by 2033. As a forward-looking developer, we're evaluating how these innovations can integrate with our vision of redefining luxury living through architecture, technology, wellness, and financial accessibility. The UAE is uniquely positioned to lead the global shift to tokenised real estate—especially in the luxury segment, where innovation and trust are critical. But for tokenisation to become mainstream, three pillars must align: regulatory clarity, investor readiness, and seamless tech-legal integration. When smart contracts operate within a trusted framework, tokenised ownership won't just be possible — it will be inevitable. For developers, tokenisation provides access to global capital while preserving brand equity. For investors, it offers flexible entry, transparency, and liquidity, redefining real estate as an agile, intelligent asset class aligned with Dubai's future. Developer–proptech collaboration is shifting from experimentation to execution. Together, they're building asset-backed ecosystems merging compliance, liquidity, and user experience. A common misconception is that tokenisation guarantees fast capital and instant liquidity. But the reality is that it demands greater transparency, legal structure, and discipline. Dubai isn't waiting for global frameworks, it's setting them. With initiatives like VARA's Rulebook 2.0 and DLD's regulatory sandbox, the Gulf is fast becoming the global benchmark for tokenised real estate. Imran Khan, f ounder and CEO, PIXL Global | Invespy In the UAE, we're building the rails for a smarter property market, and tokenisation is a cornerstone. But proptech isn't just about the tech — it's about trust. While the success of the latest initiative by DLD, which sold out in under two minutes, is a powerful signal of what's possible. Standardisation, cybersecurity, and user experience will be key in driving adoption. This is the future of UAE real estate, and there's no better place than Dubai to lead it — the city has always had a remarkable ability to embrace and scale game-changing innovations. Kalpesh Kinariwala founder, Pantheon Development Tokenisation is a seismic shift in the luxury real estate landscape. Over the next five to ten years, this technology will lower investment barriers and enable fractional ownership of high-value assets. By leveraging blockchain's security and transparency, tokenisation will democratise access to premium properties, attract new classes of investors, and create a more liquid, globally connected market. We are confident that tokenisation will become mainstream in the UAE, thanks to the region's forward-thinking regulatory initiatives and robust appetite for technological innovation. Our advanced R&D investments affirm our commitment to supporting and shaping this evolution into a secure, scalable investment ecosystem. Today, Dubai has become a hotbed for fractional ownership of high-end properties. The Dubai Land Department, in partnership with the Virtual Assets Regulatory Authority and Dubai Future Foundation, launched a regulated tokenisation pilot this year — opening access to premium properties in areas like Palm Jumeirah, Downtown, and Emirates Hills. According to a 2025 report by Dubai's Department of Economy and Tourism, tokenised residential assets are forecast to represent Dhs60bn in transactions by 2033, accounting for approximately 7 per cent of the emirate's real estate market. This growth is being driven by both local and foreign retail investors entering with as little as Dhs 500, gaining exposure to assets previously reserved for the ultra-wealthy. Commercial and mixed-use properties are also steadily gaining traction in the tokenisation ecosystem. Office buildings, retail strips, and multi-purpose developments are being fractionalised primarily for their predictable rental yields and long-term tenant contracts. Developers are leveraging tokenisation not only as a sales tool, but also as a financing mechanism — avoiding traditional debt structures. Shabana Farooq , m anaging partner and COO, URBAN Properties Innovation has always been at the heart of the real estate industry, from how we list and market properties to how we close deals and build client relationships. Tokenisation is the next evolution in that journey. We're constantly seeking smarter, faster, and more transparent ways to connect buyers with the right opportunities — and this technology allows us to do just that. It opens the door to a wider investor pool, fractional ownership models, and quicker transactions. Ultimately, it's about making real estate more accessible and engaging for today's digital-first customer. It won't replace the human element, but it will definitely enhance how we sell, communicate, and deliver value. Rakesh Mirchandani co-founder of RRS International Development and partner at RRS Capital ManagementProperties With Dubai leading as the first emirate to regulate real estate tokenisation, we're entering a new era of property investment. It offers a more accessible, hassle-free way to own and manage real estate — perfect for Gen Z, Gen Alpha and all those who prefer digital, blockchain-enabled solutions. Investors can start from just Dhs2,000 (approx. $545) and still proudly hold real estate while diversifying across other asset classes. While the concept is still new and comes with a learning curve, the benefits for both sides— greater transparency, global liquidity, and ease of ownership — make it an exciting and strong option, even for cautious investors and those who are traditionally risk averse. As this ecosystem grows we will educate ourselves to invest better. Captain Pradeep Singh , founder, Karma Developers Tokenisation will democratise real estate by enabling fractional ownership, increasing liquidity, and opening access to global investors. Given the right regulatory framework, we can expect it to evolve from a niche innovation to a mainstream investment vehicle — much like how REITs reshaped real estate decades ago. The UAE is already laying the groundwork, from the Dubai Land Department's pilot tokenisation project to VARA's regulatory frameworks. For tokenisation to scale, continued enhancements in regulatory clarity will further accelerate adoption, along with robust secondary markets and greater education among traditional stakeholders. So far, high-value residential and hospitality assets are leading the charge. There's growing interest in branded residences and lifestyle-led developments for tokenisation, particularly among younger, tech-savvy investors. However, as tokenisation becomes more mainstream than novelty, efficiencies would result in assets with good rental returns having higher trading volumes. For developers, tokenisation unlocks faster access to capital and broadens the investor base. For investors, it offers lower entry points, enhanced liquidity, and real-time transparency. We are still in the process of evaluating and understanding the advantages and challenges of smart contracts. Globally, one of the key challenges remains the lack of universal legal recognition — many jurisdictions don't treat them as fully enforceable contracts. Traditional agreements benefit from established legal frameworks, while smart contracts rely solely on code, which can be prone to errors with significant consequences. That said, smart contracts in Dubai's real estate sector offer significant potential for automation, transparency, and cost efficiency. However, as mentioned, adoption is in early stages and largely concentrated in tech-forward projects. Widespread implementation will depend on regulatory updates, increased stakeholder awareness, and seamless integration with DLD and other official platforms. The Gulf — and Dubai in particular — is leading the region in embracing tokenisation. Initiatives like the DLD's Real Estate Evolution Space and Riz Ahmed CEO, SmartCrowd In the next five to 10 years, real estate will exist as on-chain tokens backed by income-generating assets — programmable, tradable, and transparent. At SmartCrowd, we laid the foundation for this transformation through fractional ownership. Tokenisation builds on that, embedding real estate into blockchain to create digital assets that can be traded in real time, with smart contracts automating governance, compliance, and distribution. Unlike traditional platforms, settlement can now happen in minutes, not months. Dubai is no longer experimenting—it's implementing. With the Dubai Land Department issuing Tokenisation Certificates and VARA regulating virtual assets, the infrastructure is validated and government-backed. This is not just a tech innovation; it's an institutional-grade investment channel. Tokenisation will go mainstream not because it's trendy, but because it's better, merging the transparency of blockchain, the flexibility of fintech, and the legal robustness of traditional real estate. That said, education is key. Many still confuse tokenised real estate with crypto speculation. In reality, it's underpinned by tangible, income-producing assets with regulatory oversight. The idea that it's unregulated or untested couldn't be further from the truth — platforms like ours have proven the model works. Secondary residential properties are currently the most viable asset class due to title clarity, income track record, and regulatory ease. The biggest draw for developers is liquidity — tokenisation unlocks faster access to capital and reduces reliance on institutional buyers. For investors, it offers lower entry points, transparency, and the potential for real-time exits. What's needed next is deeper integration with mainstream finance apps, broader institutional participation, and continued regulatory collaboration. The UAE is setting the global playbook for tokenised real estate, and we're proud to help drive that change from the ground up. Looking ahead As the UAE cements its position as a global innovator in tokenised real estate, the road ahead lies in scaling adoption through education, regulation, and trust. With the right framework, what began as a tech-forward experiment could soon redefine the core of property ownership, investment, and access — not just in Dubai, but worldwide.
Zawya
37 minutes ago
- Zawya
Ras Al Khaimah Tourism sector hits record 654,000 visitors in H1 2025
RAS AL KHAIMAH: Ras Al Khaimah Tourism Development Authority (RAKTDA) has reported record-breaking performance for the first half of 2025, with over 654,000 visitor arrivals, marking a 6 percent year-on-year increase, alongside a 9 percent rise in tourism revenues. Raki Phillips, CEO of RAKTDA, said the results reflect the strength of the emirate's tourism strategy, adding, 'From expanded air connectivity and hotel developments to a robust calendar of experiences, we are firmly on track to welcome over 3.5 million visitors annually by 2030, while delivering long-term, sustainable value.' Key achievements in H1 2025 included: 654,000 visitor arrivals—the highest ever for a six-month period; 9 percent year-on-year growth in tourism revenues; 36 percent increase in MICE and weddings revenues; Strong growth from markets with direct flights: Romania (+65 percent), Poland (+56 percent), Uzbekistan (+47 percent), Belarus (+30 percent); Record half-year arrivals from India (+25 percent), China (+9.2 percent), Russia (+7 percent) and the UK (+5 percent). RAKTDA also announced several high-profile hotel developments to support plans to double the number of hotel keys by 2030. These include Fairmont Al Marjan Island (250 keys), Four Seasons Resort at Mina Al Arab (150 keys), Taj Wellington Mews Al Marjan Island (336 apartments), and NH Collection Ras Al Khaimah (156 keys). The opening of Rove Al Marjan Island added further diversity to the emirate's hospitality landscape. The emirate's airport continued to drive connectivity with new direct routes from Warsaw, Katowice, Bucharest, Moscow, Tashkent and Prague. Plans to expand the airport's capacity and enhance the arrival experience are underway. RAKTDA also formalised strategic partnerships to support destination growth. These include agreements with Fujairah Adventures to develop inter-Emirate itineraries, and OTAs in China and the Kingdom of Saudi Arabia to boost inbound travel. In digital innovation, RAKTDA signed MoUs with Huawei and Web3 platform Open World to advance smart tourism and blockchain-powered visitor engagement. In events, the emirate hosted its largest-ever Ras Al Khaimah Half Marathon with more than 10,000 attendees, the 7th UAE Tour Jebel Jais stage, the 4th Ras Al Khaimah Championship on the DP World Tour, and the HIGHLANDER hiking adventure. The debut of the 25km Jais Ride cycling challenge further cemented Ras Al Khaimah's position as a regional hub for outdoor and sports tourism.
