Dubai launched the first licensed real estate tokenization project in the Middle East and North Africa (MENA) region. The initiative is being implemented with the support of key government and financial institutions of the UAE.
The government of Dubai, in collaboration with the Dubai Land Department (DLD), the Central Bank of the UAE, and the Dubai Future Foundation (DFF), announced the launch of the region’s first licensed real estate tokenization project in MENA.
Token trading will take place via the Prypco Mint blockchain platform, with Zand Digital Bank appointed as the banking partner for the pilot phase. In the initial stage, access to the platform will be available only to UAE citizens holding the relevant identification. The project will later be expanded to include non-residents.
The initiative will offer private investors the opportunity to purchase shares in real Dubai real estate assets in the form of tokens. The minimum investment amount is 2,000 dirhams (~$545). All transactions within the project will be conducted exclusively in the national currency, without the use of digital assets.
Compliance with regulatory requirements aims to ensure a high level of investment transparency. In line with applicable regional legal frameworks, investors will have full access to information about the properties, including pricing, risks, and technical specifications.
The initiative’s launch became possible due to cooperation between the DLD and the Dubai Virtual Asset Regulatory Authority (VARA) in building the infrastructure for real estate tokenization in Dubai.
According to Custom Market Insights, the global real estate tokenization market could reach $19.4 billion by 2033. In Dubai, tokenized assets are estimated by the DLD to occupy up to 7% of the real estate market, equivalent to 60 billion dirhams (~$16 billion).
