Latest news with #DLD
Hi Dubai
2 days ago
- Business
- Hi Dubai
Dubai Land Department Launches Region's First Tokenised Real Estate Investment Platform
Dubai Land Department (DLD) has launched the Middle East and North Africa's first tokenised real estate investment project, marking a major step in modernizing property investment through digital technology. The pilot phase is live on the Prypco Mint platform, enabling UAE residents to buy tokenised shares in prime Dubai properties starting from AED 2,000. This groundbreaking initiative is a collaboration between DLD, Prypco, the Virtual Assets Regulatory Authority (VARA), the UAE Central Bank, and the Dubai Future Foundation. Zand Digital Bank supports the pilot phase as the official banking partner, reinforcing Dubai's role as the first MENA city to adopt a licensed platform for real estate tokenisation. The platform operates exclusively in UAE Dirhams, without cryptocurrency use during the pilot, and offers investors full transparency with access to detailed property data, pricing, and risk information. All transactions are safeguarded through a Client Money Account system overseen by the Central Bank, ensuring funds remain protected until purchases are finalized. This project aligns with Dubai's Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, aiming to boost innovation, attract global investors, and solidify Dubai's status as a smart real estate investment hub. Tokenised assets are expected to capture up to 7% of Dubai's real estate market by 2033, valued at AED 60 billion (USD 16 billion). Currently limited to ready-to-own properties and regulated tokenisation firms, the platform plans to expand access globally and include more licensed companies in future phases. Investors gain legally documented ownership shares with benefits from rental income and capital growth, offering a secure, transparent alternative to traditional property investment. This initiative is part of DLD's broader Real Estate Evolution Space (REES) to position Dubai at the forefront of PropTech and AI innovation in real estate. News Source: Emirates News Agency
2 days ago
- Business
DLD launches MENA's first tokenised real estate project through ‘Prypco Mint' platform
DUBAI: 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.
Emirates 24/7
2 days ago
- Business
- Emirates 24/7
DLD launches the MENA's first tokenized real estate project through the ‘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 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. Follow Emirates 24|7 on Google News.
Dubai Eye
2 days ago
- Business
- Dubai Eye
Dubai unveils region's first tokenised real estate project
Dubai has launched the region's first tokenised real estate investment project, a major step toward digitising the property sector. The Dubai Land Department (DLD) announced the launch through the 'Prypco Mint' platform, developed in collaboration with Prypco, the Virtual Assets Regulatory Authority, the Central Bank, and the Dubai Future Foundation. The project allows investors - initially limited to UAE ID card holders - to buy tokenised shares in ready-to-own properties in Dubai starting from just AED 2,000, with all transactions conducted in UAE Dirhams, and no use of cryptocurrencies during the pilot phase. The digital platform ensures transparency, providing full property details and a secure investment process. Zand Digital Bank has been appointed as the banking partner, with investor funds held securely in a dedicated account until purchases are finalised. The pilot phase is part of Dubai's broader real estate strategy and the Dubai Economic Agenda D33, which aim to position the city as a global leader in smart real estate and digital investment innovation. Tokenised assets are expected to account for up to 7 per cent of Dubai's real estate market by 2033, valued at AED 60 billion.
Gulf Insider
2 days ago
- Business
- Gulf Insider
Dubai Launches First Tokenised Real Estate Investment Platform
Dubai Land Department (DLD), in partnership with Prypco, has launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates (CBUAE), and the Dubai Future Foundation (DFF) as part of the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the pilot phase. UAE ID holders can now invest in tokenised real estate from AED 2,000 The project marks the activation of the digital platform offering individuals the opportunity to invest in ready-to-own properties in Dubai through tokenised shares. The platform is currently available to UAE ID holders, with plans for global expansion and additional platform integrations in future phases. The initiative is aligned with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which aims to position Dubai as a hub for smart real estate investment. Investors can begin investing from AED2,000, with all transactions conducted exclusively in UAE Dirhams. Cryptocurrencies will not be used during the pilot phase. The platform provides detailed information about each property, including pricing, risk factors, technical specifications, and minimum investment requirements. The project is a result of a strategic agreement between DLD, Prypco, and Ctrl Alt Solutions. It aims to create a regulatory and operational framework for real estate tokenisation. The agreement focuses on legislation development, knowledge promotion, attracting tokenisation companies, and investor protection. According to current projections, tokenised assets could account for up to 7 per cent of Dubai's real estate market by 2033, equivalent to AED 60 billion ($16 billion). Prypco Mint is expected to be central to this transformation. Regulatory oversight is being provided by DLD for physical real estate and VARA for digital assets, ensuring an integrated and transparent approach. DLD's tokenised property platform ensures CMA-based fund protection The Central Bank of the UAE oversees corporate accounts through the Client Money Account (CMA) system. Under this system, investor funds are deposited in CMAs and are only transferred after the purchase process is complete, which are safeguarded until the transaction is finalised. The platform facilitates access for individual investors, allowing them to earn returns from both rental income and capital appreciation. Ownership is legally documented by DLD, and investors are not required to manage the properties directly. Currently, the pilot phase includes only ready-to-own properties. Tokenisation is permitted solely through companies licensed by VARA. DLD is responsible for verifying the fairness of property pricing before listing. Prypco and Ctrl Alt are the two companies authorised for the pilot, with more firms expected to join in future phases. This initiative forms part of the Real Estate Evolution Space Initiative (REES), launched earlier by DLD to support PropTech and AI developments. The REES initiative promotes a legislative environment that attracts talent and startups to the sector. Source Arabian Business
