Dubai has announced the first tokenized real estate investment project for the Middle East and North African countries (MENA).
The aim is to open up investment in Dubai properties to individual investors for as little as $545 (2,000 Emirate dirham). During the pilot phase, investments will be limited to those with a United Arab Emirates identification, with all transactions in the dirham.
Dubai plans, however, to make its real estate token available around the world — attracting global investors using the cutting-edge technology of cryptocurrency, while enhancing liquidity in Dubai’s residential, commercial, and industrial real estate market.
The real estate token supports the stated goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE, to position Dubai as one of the world's most desirable cities to live and work, Entrepreneur Middle East reports.
The Dubai real estate token is being offered on the Prypco Mint platform in association with Zand Digital Bank. The transparent platform gives investors a wide range of information on each real estate investment, most notably comprehensive property details — including price, risk factors and technical specifications to the minimum investment required.
The global real estate tokenization market is projected to reach a market capitalization of $19.4 billion by 2033, growing at an annual compound rate of 21%, according to Custom Market Insights.
Dubai expects tokenized assets will represent 7% of its real estate market by 2033, equating to $16 billion (AED 60 billion).
The Central Bank of the United Arab Emirates, the Dubai Future Foundation, and the Virtual Assets Regulatory Authority of Dubai are three of the key partners in the project, which the Dubai Land Department is overseeing.
The nation’s Client Money Account (CMA) system will be handling the real estate tokens with the aim of safeguarding investor funds; funds will be deposited into the CMA and not transferred to the tokenized company until the purchase process is fully completed, thereby guaranteeing security and transparency.
Lee Barney ✉
Lee Barney, Newsmax’s financial editor, has been a financial journalist for 30 years, covering the economy, retirement planning, investing and financial technology.
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