Latest news with #DubaiVirtualAssetsRegulatoryAuthority
Zawya
07-04-2025
- Business
- Zawya
DLD, VARA collaborate to link real estate registry with tokenisation
DUBAI: Dubai Land Department (DLD) has signed a cooperation agreement with the Dubai Virtual Assets Regulatory Authority (VARA) with the aim of linking the real estate registry to property tokenisation through an advanced governance system. This initiative seeks to enhance the efficiency of property management companies and increase liquidity in the real estate market, reinforcing Dubai's position as a global hub for real estate innovation. This agreement, the first of its kind globally, follows the launch of the pilot phase of the 'Real Estate Tokenisation Project.' It was signed in the presence of Helal Saeed Almarri, Director-General of the Department of Economy and Tourism, and Marwan bin Ghalita, Director-General of Dubai Land Department, alongside senior officials from both entities. The collaboration aims to enable the fractional ownership of real estate assets, allowing a broader base of investors – particularly small investors – to enter Dubai's real estate market. This contributes to greater economic inclusion and enhances the sector's appeal to global investments. The project also supports the objectives of the 'Dubai Real Estate Strategy 2033' to grow real estate transaction volume to AED1 trillion, and contributes to the goals of the 'Dubai Economic Agenda D33,' which seeks to double the emirate's GDP over the next decade. Helal Almarri affirmed that the agreement reflects the spirit of innovation and integration between Dubai's government and digital sectors, noting that real estate tokenisation represents a qualitative leap toward a more inclusive and transparent investment model. For his part, Marwan bin Ghalita highlighted the importance of this step in driving real estate innovation, attracting technology companies, and enhancing the sector's digital infrastructure. This cooperation comes as part of Dubai's ongoing commitment to establishing an advanced legislative environment that leverages artificial intelligence and asset tokenisation technologies, thereby supporting the sustainability and growth of the emirate's digital economy.
Arabian Business
31-03-2025
- Business
- Arabian Business
Dubai real estate: DLD launches new property tokenisation project in Middle East's first
Dubai Land Department (DLD) has launched the pilot phase of its 'Real Estate Tokenisation Project' as part of efforts to strengthen Dubai's position in property technology and implement the Dubai Real Estate Sector Strategy 2033. The initiative makes DLD the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. The project, introduced under the Real Estate Innovation Initiative 'REES', is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate. Dubai real estate tokenisation market to hit $16bn by 2033 Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department said: 'Amid rapid technological advancements and the increasing reliance on digital solutions, real estate tokenisation emerges as a revolutionary tool driving fundamental change in the real estate sector. 'By converting real estate assets into digital tokens recorded on blockchain technology, tokenisation simplifies and enhances buying, selling, and investment processes. This aligns perfectly with Dubai Land Department's vision to achieve global leadership in real estate investment, leverage technology to develop innovative real estate products, and foster an ecosystem that supports real estate innovation.' DLD forecasts that the real estate tokenisation sector will reach AED60 billion by 2033, representing 7 per cent of Dubai's total real estate transactions. As part of the launch, DLD organised a workshop on 'Real Estate Tokenisation' with leading proptech companies. 'This pioneering project is part of the recently launched 'REES' Real Estate Innovation Initiative, designed to attract diverse technology firms. It aligns with our strategy to unlock new opportunities for innovative real estate products, enhance property sector innovation, promote transparency and governance, and enable a wider pool of investors to participate in large-scale real estate projects in Dubai,' he added. Following the pilot launch this year, DLD will assess the outcomes to refine the project before full-scale implementation. Dubai Land Department unveils fractional property ownership through tokenisation The Real Estate Tokenisation Project aims to attract global technology firms and create new investment opportunities. It will diversify property ownership by allowing multiple investors to co-own properties through tokenised assets. The initiative intends to strengthen Dubai's position as a regional and global hub for virtual assets while promoting investment awareness in virtual asset services. It also supports real estate innovation and contributes to attracting investments and virtual asset companies to Dubai. Real estate tokenisation transforms assets into digital tokens using blockchain technology, with each asset divided into shares based on an investor's budget and financial strategy. This enables fractional property ownership, allowing investors to acquire portions of properties without full purchases. The project supports the Dubai Economic Agenda D33, which prioritises digital solutions to build a smart economy driven by knowledge, innovation, and future technologies. 'We are pleased to collaborate with partners from both the public and private sectors to advance the real estate industry's digital ecosystem and enhance our operations' efficiency and effectiveness. Following this year's pilot launch, we will thoroughly assess the outcomes and leverage key insights to refine the project ahead of its full-scale implementation,' he concluded.
Web Release
24-03-2025
- Business
- Web Release
Dubai Land Department Launches Real Estate Tokenisation Project
By Editor_wr On Mar 24, 2025 The Dubai Land Department (DLD) has introduced the pilot phase of its Real Estate Tokenisation Project. This initiative makes DLD the first real estate registration authority in the Middle East to implement tokenisation for property title deeds. It aligns with the Dubai Real Estate Sector Strategy 2033 and aims to enhance Dubai's role in property technology. Developed under the Real Estate Innovation Initiative (REES), the project is a collaboration between DLD, the Dubai Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation (DFF). It simplifies property transactions by converting real estate assets into digital tokens. This process enhances investment accessibility while promoting transparency in the sector. Eng. Marwan Ahmed Bin Ghalita, Director General of DLD, emphasised the impact of this innovation. He stated, 'Real estate tokenisation is reshaping the industry by making investments easier and more efficient. It supports Dubai's goal of becoming a global leader in property technology.' DLD predicts that by 2033, tokenised real estate transactions will reach AED 60 billion, accounting for 7% of Dubai's total property market. This initiative is expected to attract technology firms and create new investment opportunities. Through fractional ownership, investors can co-own properties using tokenised assets. This approach lowers entry barriers and makes real estate more accessible. Additionally, the project aligns with the Dubai Economic Agenda D33, which prioritises digital innovation. Following the pilot phase, Dubai Land Department will assess the project's performance before expanding its implementation. Ultimately, this initiative aims to increase investor participation, strengthen governance, and reinforce Dubai's position as a hub for virtual asset investments. Dubai Land Department Launches Real Estate Tokenisation Project Comments are closed.
Dubai Eye
19-03-2025
- Business
- Dubai Eye
Dubai Land Department trials 'Real Estate Tokenisation Project'
The Dubai Land Department (DLD) has launched the pilot phase of its 'Real Estate Tokenisation Project', making it the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. This initiative, part of the Real Estate Innovation Initiative 'REES', is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation. DLD expects the market value of real estate tokenisation to reach AED 60 billion by 2033, representing 7 per cent of Dubai's total real estate transactions. A specialized workshop on real estate tokenisation brought together leading proptech firms to discuss the project's potential. Marwan Ahmed Bin Ghalita, Director-General of DLD, emphasized the transformative impact of tokenisation, which simplifies real estate transactions through blockchain technology, making the process more efficient and accessible for investors. The initiative is set to create new investment opportunities and diversify property ownership by allowing multiple investors to co-own a single property through tokenised real estate assets. It also reinforces Dubai's position as a global hub for virtual assets and enhances the city's competitiveness on the world stage. The Dubai Land Department launches the pilot phase of the 'Real Estate Tokenisation Project,' making DLD the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. The project, in collaboration with the Dubai Virtual Assets… — Dubai Media Office (@DXBMediaOffice) March 19, 2025
Zawya
19-03-2025
- Business
- Zawya
Dubai Land Department launches pilot phase of ‘Real Estate Tokenisation Project'
Dubai Land Department (DLD) launched the pilot phase of the 'Real Estate Tokenisation Project.' This initiative, introduced under the Real Estate Innovation Initiative 'REES,' establishes DLD as the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate. DLD anticipates that this groundbreaking initiative will drive significant growth in the real estate tokenisation sector, with its market value projected to reach AED 60 billion by 2033, representing 7% of Dubai's total real estate transactions. As part of this initiative, DLD organised a specialised workshop on 'Real Estate Tokenization,' bringing together leading proptech companies, including top global firms specialising in real estate asset tokenisation. Eng. Marwan Ahmed Bin Ghalita, Director-General of Dubai Land Department, said, 'Amid rapid technological advancements and the increasing reliance on digital solutions, real estate tokenisation emerges as a revolutionary tool driving fundamental change in the real estate sector. By converting real estate assets into digital tokens recorded on blockchain technology, tokenisation simplifies and enhances buying, selling, and investment processes. This aligns perfectly with Dubai Land Department's vision to achieve global leadership in real estate investment, leverage technology to develop innovative real estate products, and foster an ecosystem that supports real estate innovation.' He added, 'This pioneering project is part of the recently launched 'REES' Real Estate Innovation Initiative, designed to attract diverse technology firms. It aligns with our strategy to unlock new opportunities for innovative real estate products, enhance property sector innovation, promote transparency and governance, and enable a wider pool of investors to participate in large-scale real estate projects in Dubai. We are pleased to collaborate with partners from both the public and private sectors to advance the real estate industry's digital ecosystem and enhance our operations' efficiency and effectiveness. Following this year's pilot launch, we will thoroughly assess the outcomes and leverage key insights to refine the project ahead of its full-scale implementation.' The Real Estate Tokenisation Project aims to attract global technology firms and open new investment opportunities for the investor market. It seeks to diversify property ownership by allowing multiple investors to co-own a single property through tokenised real estate assets. Additionally, the project strengthens Dubai's position as a regional and global hub for virtual assets, enhancing its competitiveness on both local and international levels. It also promotes investment awareness in virtual asset services and products, encourages real estate innovation, and supports the development of cutting-edge solutions in the sector.
