DLD, VARA collaborate to link real estate registry with tokenisation
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fintech News ME
10 minutes ago
- Fintech News ME
Dubai Land Department, Emirates NBD Launch Joint Studies to Reform Property Registration
The Dubai Land Department (DLD) has signed a memorandum of cooperation with Emirates NBD, a major banking group in the Middle East, North Africa and Turkey (MENAT) region. The agreement sets out a joint framework for regulatory and technical studies aimed at improving real estate transaction registration processes and strengthening the overall efficiency of the sector. The partnership includes two studies. The first will explore ways to optimise the registration process for real estate transactions completed outside the UAE. The second will focus on the development of financial services that can support the registration of real estate sales. These efforts are intended to improve customer experience and provide better support for investors throughout their property transactions. Omar Hamad BuShehab, Director General of the Dubai Land Department, said: 'This partnership marks a significant step toward establishing a shared knowledge base that opens up new horizons for advancing real estate registration services, thereby further strengthening Dubai's position as a global destination for real estate investment. These efforts also align with the objectives of the Dubai Real Estate Strategy 2033, which aims to build a resilient, competitive, and innovation-driven sector that reflects the emirate's status as a global leader in real estate.' Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said: 'Integrated offerings under this collaboration will help enhance the property transaction experience while building greater confidence among market participants, including investors, ensuring Dubai maintains its leadership position in the global real estate sector.' The initiative is in line with the objectives of the D33 Economic Agenda, which aims to position Dubai among the world's top three economic cities. It also reflects ongoing efforts to make the real estate market more attractive to international investors by providing a supportive regulatory framework, encouraging sustainable growth, and improving service delivery.
Hi Dubai
43 minutes ago
- Hi Dubai
Dubai Land Department and Masdar City Sign Deal to Allow Free Zone Companies to Own Property in Dubai
The Dubai Land Department signed a memorandum of cooperation with Masdar City, aiming to enable companies and establishments operating in the free zones under Masdar City to own land plots and properties under the freehold ownership system in Dubai, within a clear and comprehensive regulatory framework. This step is part of Dubai Land Department's efforts to enhance the competitiveness of the emirate's real estate market and expand the investor base by creating new opportunities for free zone companies, in line with the objectives of the Dubai Real Estate Strategy 2033. The MoC was signed by Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, and Ahmed Baghoum, Chief Executive Officer of Masdar City, during an official ceremony held in Dubai, in the presence of several directors from both sides. Majid Al Marri said: 'We continue to expand access to Dubai's freehold market through collaborative models that enhance the integration of the real estate ecosystem across the UAE. Enabling companies registered in free zones to own property in the emirate aligns with our vision of building a more open investment environment that offers diverse ownership options. We consider this a strategic step that adds significant value to the objectives of the Dubai Economic Agenda D33 by diversifying the investor base and stimulating new investment flows that contribute to market growth and sustainability, all in line with our leadership's vision of making Dubai the best city in the world to live and work.' Ahmed Baghoum said: "This initiative highlights Masdar City's commitment to supporting businesses with innovative solutions that address their needs. By simplifying property registration processes for companies operating within Masdar City's Free Zones, we are enabling them to expand their operations seamlessly while contributing to the UAE's long-term growth. This partnership highlights our shared vision with DLD to create a business-friendly environment and reinforces Masdar City's position as a global hub for innovation and investment." Under this memorandum, both parties will collaborate on developing an integrated framework that includes clear eligibility criteria for establishments, along with the legal and administrative procedures required to complete the registration process. The cooperation will also ensure direct coordination between the Dubai Land Department and the Free Zone Authority to simplify and expedite procedures, enable smooth data exchange, and implement an advanced digital system for online applications, request tracking, and document verification, enhancing accuracy and transparency. Additionally, the partnership will provide guidance and support to companies, enabling them to understand the legal and procedural requirements better and ultimately fostering an environment that encourages ownership and investment. This collaboration aims to support companies' expansion plans by providing practical solutions that facilitate their entry into Dubai's real estate market, one of the most dynamic and thriving markets in the region. It also reflects Dubai Land Department's commitment to adopting open policies that enhance market flexibility, support national efforts to attract high-quality investments, and contribute to building a more integrated business environment across the UAE. News Source: Cicero & Bernay Communications
Emirates 24/7
2 hours ago
- Emirates 24/7
Dubai Land Department, Masdar City Sign Memorandum of Cooperation
Dubai Land Department signed a memorandum of cooperation with Masdar City, aiming to enable companies and establishments operating in the free zones under Masdar City to own land plots and properties under the freehold ownership system in Dubai, within a clear and comprehensive regulatory framework. This step is part of Dubai Land Department's efforts to enhance the competitiveness of the emirate's real estate market and expand the investor base by creating new opportunities for free zone companies, in line with the objectives of the Dubai Real Estate Strategy 2033. The MoC was signed by Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, and Ahmed Baghoum, Chief Executive Officer of Masdar City, during an official ceremony held in Dubai, in the presence of several directors from both sides. Majid Al Marri said: 'We continue to expand access to Dubai's freehold market through collaborative models that enhance the integration of the real estate ecosystem across the UAE. Enabling companies registered in free zones to own property in the emirate aligns with our vision of building a more open investment environment that offers diverse ownership options. We consider this a strategic step that adds significant value to the objectives of the Dubai Economic Agenda D33 by diversifying the investor base and stimulating new investment flows that contribute to market growth and sustainability, all in line with our leadership's vision of making Dubai the best city in the world to live and work.' Ahmed Baghoum said: "This initiative highlights Masdar City's commitment to supporting businesses with innovative solutions that address their needs. By simplifying property registration processes for companies operating within Masdar City's Free Zones, we are enabling them to expand their operations seamlessly while contributing to the UAE's long-term growth. This partnership highlights our shared vision with DLD to create a business-friendly environment and reinforces Masdar City's position as a global hub for innovation and investment." Under this memorandum, both parties will collaborate on developing an integrated framework that includes clear eligibility criteria for establishments, along with the legal and administrative procedures required to complete the registration process. The cooperation will also ensure direct coordination between the Dubai Land Department and the Free Zone Authority to simplify and expedite procedures, enable smooth data exchange, and implement an advanced digital system for online applications, request tracking, and document verification—enhancing accuracy and transparency. Additionally, the partnership will provide guidance and support to companies, enabling them to understand the legal and procedural requirements better and ultimately fostering an environment that encourages ownership and investment. This collaboration aims to support companies' expansion plans by providing practical solutions that facilitate their entry into Dubai's real estate market, one of the most dynamic and thriving markets in the region. It also reflects Dubai Land Department's commitment to adopting open policies that enhance market flexibility, support national efforts to attract high-quality investments, and contribute to building a more integrated business environment across the UAE.
