Latest news with #AED10
Gulf Insider
2 days ago
- Business
- Gulf Insider
Dubai Takes Major Tokenised Real Estate Project
The Dubai real estate sector leading the world again as tokenised property sells out and new ownership certificate launched. Dubai Land Department has launched the world's first Property Token Ownership Certificate, following the successful sale of the first tokenised real estate project on the 'Prypco Mint' platform — licensed by VARA — within just one day of launch. This milestone further reinforces Dubai's position as a global leader in real estate innovation and digital transformation. The first project launched under the Real Estate Tokenisation Initiative attracted 224 investors, 70 per cent of whom entered Dubai's real estate market for the first time. This highlights strong investor confidence and the accessibility provided by flexible, low-cost digital solutions. Investors represented 44 nationalities, and the average individual investment amounted to AED10,714 ($2,917). As the region's first platform of its kind, the initiative continues to draw significant interest, with the waitlist exceeding 6,000 requests. This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models. Dubai Land Department developed the Real Estate Tokenisation project in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. It is being executed through Prypco Mint. The initiative aims to broaden the real estate investor base while enhancing transparency and accelerating transaction processes, aligning with the Dubai Real Estate Strategy 2033 goals and the Dubai Economic Agenda D33. Dubai Land Department is currently working to enable real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking new opportunities for digital property investment. Also read: Dubai Metro Blue Line Set To Ease Traffic Congestion In The City
Hi Dubai
2 days ago
- Business
- Hi Dubai
Dubai Land Department Launches World's First Property Token Ownership Certificate
Dubai has cemented its status as a global pioneer in real estate innovation with the launch of the world's first Property Token Ownership Certificate, following the successful debut of a tokenized real estate project on the Prypco Mint platform. Licensed by the Virtual Assets Regulatory Authority (VARA), Prypco Mint saw its inaugural property token offering sell out within just one day. The launch drew 224 investors, 70% of whom were first-time entrants to Dubai's real estate market, reflecting strong interest in low-barrier, digitally driven ownership models. Investors hailed from 44 nationalities, with the average investment amounting to AED10,714. The initiative is part of the Dubai Land Department's Real Estate Tokenization project, developed in collaboration with VARA, the Central Bank of the UAE, and Dubai Future Foundation under the Real Estate Sandbox framework. It aims to make property investment more accessible, transparent, and efficient, in line with the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. The response has been overwhelming, with a waitlist now exceeding 6,000 potential investors, underlining the growing global appetite for digital property assets. The department is also working to onboard real estate developers onto the platform, expanding the scope of tokenized investment opportunities. This move not only diversifies Dubai's investor base but also signals a shift toward a more inclusive, tech-enabled real estate market. News Source: Emirates News Agency
ARN News Center
3 days ago
- Business
- ARN News Center
Two foreign bank branches fined AED 18 million for regulatory breaches
The Central Bank of the UAE has issued major financial penalties against two foreign bank branches operating in the country. The first bank was fined AED 10.6 million, while the second faces a penalty of AED 7.5 million. This comes after examinations by the Central Bank uncovered violations of anti-money laundering laws and failures to comply with regulations on combating the financing of terrorism and illegal organisations. The names of the banks involved have not been disclosed by the authority. In a statement, the Central Bank said it remains committed to ensuring that all banks and their employees follow national laws and uphold the highest standards of transparency, compliance and financial integrity. The #CentralBankUAE imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering… — Central Bank of the UAE (@centralbankuae) May 28, 2025
Dubai Eye
3 days ago
- Business
- Dubai Eye
Two foreign bank branches fined AED 18 million for regulatory breaches
The Central Bank of the UAE has issued major financial penalties against two foreign banks operating in the country. The first bank was fined AED 10.6 million, while the second faces a penalty of AED 7.5 million. This come after examinations by the Central Bank uncovered violations of anti-money laundering laws and failures to comply with regulations on combating the financing of terrorism and illegal organisations. The names of the banks involved have not been disclosed by the authority. In a statement, the Central Bank said it remains committed to ensuring that all banks and their employees follow national laws and uphold the highest standards of transparency, compliance and financial integrity. The #CentralBankUAE imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering… — Central Bank of the UAE (@centralbankuae) May 28, 2025
Arabian Business
05-05-2025
- Business
- Arabian Business
Inside Discovery Dunes – Dubai's newest ultra luxury enclave where plots command up to $50 million
As wealth continues to flow into the United Arab Emirates at an unprecedented rate, Discovery Land Company's first Middle Eastern venture is well underway. Discovery Dunes, the region's first members-only residential community, arrives as the emirate's property market experiences a major investment boom and promises to change the game of luxury living in the region. Spanning across 26.1 million square feet (600 acres) in the prestigious Golf District of Dubai South, the largest single urban masterplan development in the UAE, this low-density haven will accommodate 340 residences. Since its soft launch just months ago, demand has been extraordinarily strong, with the developer reporting a 25 per cent increase in pricing and approximately 60 per cent of the first phase already sold through word-of-mouth alone to an international mix of European, Middle Eastern, and American buyers. This reception comes as little surprise in a market where super-prime properties valued above $25 million saw transactions double last year, with Dubai outperforming traditional luxury capitals like London and New York. According to Savills' 2024 Prime Global Cities Index, Dubai, alongside Sydney, is projected to lead the world in prime property value increases, with expected growth between 4 per cent and 9.9 per cent. The luxury segment has seen a remarkable 47 per cent increase in transactions over AED10 million compared to the same period last year, according to Knight Frank. Dubai has cemented its position as one of the world's most dynamic wealth hubs. Between 2014 and 2024, Dubai recorded an impressive 102 per cent growth in its millionaire population, with the city now home to 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires. This influx of wealth reinforces the emirate's position as a premier destination for luxury real estate, with developments like Discovery Dunes catering precisely to this demographic's expectations. An era of ultra-exclusive living Discovery Dunes offers ultra-private, low-density living — 340 residences spread across 26.1 million square feet. The development reflects the growing shift towards design-led luxury living as high-net-worth individuals increasingly seek privacy and curated lifestyle experiences rather than just opulent homes. 'As a global destination where UHNWIs seek luxury, innovation, and privacy, Dubai was a natural first choice for Discovery's expansion into the Middle East,' noted Mike Meldman, Discovery Land Company Founder and Chairman. 'Discovery Dunes is unlike anything in the region – our model for amenity-driven environments and family-oriented living has shaped our exclusive communities around the globe. At Discovery Dunes, we honour Dubai's rich culture and scenic landscape while staying true to our standard of providing unforgettable experiences for generations to come.' The ultra-luxury private member development is an intimate haven designed for like-minded families seeking a safe and serene environment to create long-lasting memories. Each Discovery property reflects its natural surroundings — a philosophy clearly evident in Discovery Dunes, where the desert landscape informs every aspect of the development's design and experience. Bespoke residences for the discerning few Discovery Dunes offers a thoughtfully curated selection of land plots, designed to cater to a discerning range of buyers. With a focus on exclusivity and concierge-driven living, it provides an opportunity for those seeking a truly unique experience. The Estate Land Plots, ranging from 36,747 square feet to 73,119 square feet, provide the highest level of personalisation within the community, with expansive golf views and an abundance of private space. Signature Land Plots, ideally located near club amenities, range from 27,878 to 51,681 square feet, offering a perfect balance of privacy, space, and convenience, tailored for families seeking a sophisticated yet streamlined ease of ownership experience. For those seeking a refined level of space, the Lifestyle Land Plots start from 22,317 square feet, blending privacy with efficient layouts and convenient access to the community's amenities. Both the Signature and Lifestyle land plots are designed to accommodate a variety of luxury residences, including the signature Dune Villas, which range from 5,300 to 15,000 square feet and are crafted by world-renowned architects Olson Kundig and Champalimaud Design. Dubai's first and only truly private golf course At the heart of Discovery Dunes is Dubai's first private golf course, designed by the legendary Tom Fazio. Free from tee-time restrictions and welcome to all-level golfers, from beginners to professionals, the course is complemented by a state-of-the-art clubhouse, practice facilities equipped with TrackMan technology, and two signature comfort stations offering premium refreshments inspired by local flavours. True to Discovery Land Company's fundamental value of bringing high-quality leisure to residents' doorstep, Discovery Dunes provides a relaxed environment paired with world-class facilities. Blending sport and sociability, the course provides members a setting to play, unwind and connect, allowing members to enjoy the game at their own pace without the constraints typically found at conventional golf clubs. Curated lifestyle experiences Beyond golf, Discovery Dunes provides an extensive range of amenities designed for an ultra-luxury lifestyle. An equestrian centre offers elite training and riding opportunities, while a kids' club provides engaging activities and programs designed to inspire and entertain younger members. The adventure park includes sports courts, a surf rider, and educational experiences. Members can enjoy a selection of pools, perfect for relaxation, recreation, or fitness. One of the key offerings is Discovery's signature recreational service, the Outdoor Pursuits Program, featuring a dedicated on-site team that crafts personalised experiences tailored to all skill levels, age groups, and local interests. Activities range from road biking and guided bike tours to padel, kite surfing, and a wide array of other adventures both at Discovery Dunes and in the other Emirates. Discovery Dunes also houses a Clubhouse with sweeping views featuring a health and wellness centre complete with a gym and a variety of fitness classes. Separately, a purpose-built clinic further enhances the community's comprehensive offering. Families can enjoy an organic farm and greenhouse that promote sustainable farming techniques and farm-to-table dining, reflecting the development's commitment to environmental stewardship and healthy living. Concierge-driven living A dedicated concierge-style services team enhances members' experiences through various tasks such as organising travel arrangements, home preparations while residents are away, restaurant reservations, and booking golf lessons, just to name a few. This service philosophy ensures that residents can focus entirely on enjoying their time within the community, with daily logistics managed seamlessly by professionals who anticipate needs before they arise. For added ease and exclusivity, Discovery Dunes features a private helipad, offering swift and seamless access for members travelling from other Emirates or further afield to the community. The development's proximity to several private jet terminals at Dubai World Central ensures international residents can arrive directly at their sanctuary with minimal transit time. The best of both worlds What truly sets Discovery Dunes apart is its innovative dual presence in Dubai. While the main development offers a private sanctuary in Dubai South, members also enjoy exclusive access to Discovery Downtown, a private city club located in the Dubai Edition Hotel, offering dining, a golf simulator, and breathtaking views of the Burj Khalifa. This dual-location concept allows members to transition effortlessly between their secluded residential enclave and Dubai's vibrant urban core – a feature unique among residential developments in the UAE. Members can begin their day with a peaceful breakfast overlooking the golf course, conduct business meetings at Discovery Downtown, and return to their tranquil residence in the evening, experiencing the best of both worlds without compromise. Strategic location in Dubai's growth corridor Discovery Dunes offers its members exceptional convenience being a short drive away from the Al Maktoum International Airport, which is projected to become the world's largest airport with a capacity of 260 million passengers. The new airport is poised to transform the surrounding Dubai South region into a vibrant hub for residential and commercial activity with property demand expected to exceed 100,000 homes in the coming decade. The Dubai government has recently announced AED 272 billion projected expenditure between 2025 and 2027 with 46 per cent being allocated to infrastructure, which includes the new airport development. This strategic investment ensures that Discovery Dunes residents will benefit from world-class connectivity and appreciating property values as Dubai South evolves into one of the emirate's most dynamic districts. The perfect timing as Dubai becomes leading wealth migration hotspot The UAE's overall financial wealth is expected to continue growing in the upcoming years, generated by family offices and UHNWIs, and is anticipated to contribute an additional $500 billion to the overall economy by 2026 as per a survey conducted by KPMG and Agreus. The continuous overall growth of the economy will pave the way to new revolutionary developments and projects that will help meet the current demand of these wealthy individuals and families, providing them with additional incentive of choosing the UAE as either their permanent or secondary home destination. For Dubai's increasingly sophisticated luxury market, Discovery Dunes represents not just another high-end development, but the arrival of a globally proven concept in creating communities where privacy, exceptional amenities, and family-focused living come together in perfect harmony.
