Latest news with #DubaiInvestment
Entrepreneur
6 days ago
- Business
- Entrepreneur
Dubai Land Department (DLD) Launches MENA's First Tokenized Real Estate Project
Currently available exclusively to UAE ID holders, the platform enables users to generate returns and own a share in a prime real estate project in Dubai. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Dubai Land Department (DLD) has launched the region's first tokenized real estate investment project through the 'Prypco Mint' platform. The pilot phase of investment in tokenized real estate is activated on the digital platform The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future. The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making. The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenization. The real estate tokenization project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment. In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency. This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment. The project's initial phase is exclusively limited to ready-to-own properties, and tokenization is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector. Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management. This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness.
Gulf Business
6 days ago
- Business
- Gulf Business
Dubai launches tokenised real estate investment project via ‘Prypco Mint'
Image: Dubai Media Office Dubai Land Department (DLD) has launched the Middle East and North Africa region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative, part of Dubai's Real Estate Sandbox programme, is being carried out in collaboration with Prypco, and supported by the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, and the Dubai Future Foundation. Zand Digital Bank has been appointed as the banking partner for the pilot phase. The project enables users to invest in tokenised shares of ready-to-own properties in Dubai, with a minimum entry point of Dhs2,000. Currently, investments are accepted only in UAE dirhams, and the use of cryptocurrencies is not permitted at this stage. Available exclusively to UAE ID holders during the pilot, the platform is expected to expand globally in future phases. DLD, VARA, and the Central Bank of the UAE will oversee investor funds, ensuring a tightly regulated investment environment. 'This initiative is designed to open the market to small-scale investors by providing access through a regulated and transparent investment framework,' DLD said in a statement. Tokenised shares offer investors access to property ownership without the need for full capital outlay. The platform provides detailed information including pricing, risk assessments, and technical property specifications, allowing users to make informed decisions. Partnerships between DLD, Prypco, and Ctrl Alt Solutions The move stems from a partnership between Investor protection is further enhanced by a dedicated Client Money Account (CMA) system overseen by the Central Bank, which holds funds until purchases are completed. The initiative supports the objectives of the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which aim to position Dubai as the world's leading smart city for real estate investment. All tokenised offerings during the pilot phase must come from companies licensed by VARA. Currently, two firms — Prypco and Ctrl Alt — are authorised. Investors will benefit from both rental income and capital gains, with legal documentation of ownership issued by DLD. The project is part of DLD's broader Real Estate Evolution Space Initiative (REES), which promotes the integration of proptech and artificial intelligence into the sector.
Emirates 24/7
6 days ago
- Business
- Emirates 24/7
DLD launches MENA's first tokenised real estate project through ‘Prypco Mint' platform
In a landmark move that reinforces Dubai's leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenisation. Dubai Land Department has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai's position as a global hub for innovation in tokenized real estate. The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making. This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization. The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights. As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai's real estate market by 2033, equating to a value of AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation. The real estate tokenisation project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment. In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency. This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment. The project's initial phase is exclusively limited to ready-to-own properties, and tokenisation is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector. Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management. This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness. Follow Emirates 24|7 on Google News.
Trade Arabia
6 days ago
- Business
- Trade Arabia
DLD launches region's first tokenised real estate project
Dubai Land Department (DLD) has announced the launch of the Mena region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the Mena region to adopt a licensed platform for real estate tokenization. DLD has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai's position as a global hub for innovation in tokenized real estate. According to DLD, the project offers individuals innovative investment opportunities through the purchase of tokenised shares in ready-to-own properties in Dubai, starting from just AED2,000 ($544). All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making. This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization. The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights, said DLD in its statement. As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai's real estate market by 2033, equating to a value of AED60 billion ($16 billion). Prypco Mint is poised to be the cornerstone of this transformation, it stated. The real estate tokenisation project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets.
Zawya
6 days ago
- Business
- Zawya
DLD launches the MENA's first tokenized real estate project through the ‘Prypco Mint' platform
Investment starts from AED 2,000, accepted in UAE Dirhams only during the pilot phase; cryptocurrencies are not permitted at this stage. The first platform of its kind in the region, currently exclusive to UAE ID holders, with plans for global expansion and onboarding of additional platforms in future phases. Investor funds are placed under strict regulatory oversight by Dubai Land Department, VARA, and the Central Bank of the UAE. The initiative is designed to open the market to small-scale investors by providing access through a regulated and transparent investment framework. Dubai, United Arab Emirates: In a landmark move that reinforces Dubai's leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the region's first tokenized real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenization. Dubai Land Department has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai's position as a global hub for innovation in tokenized real estate. Innovative Investment Opportunities for Individuals The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making. This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization. The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights. As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai's real estate market by 2033, equating to a value of AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation. Ensuring Integrated and Transparent Regulation The real estate tokenization project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment. In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency. Facilitating individual investors' access to the market This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment. The project's initial phase is exclusively limited to ready-to-own properties, and tokenization is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector. Rental and Capital Returns Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management. This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness.
