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.
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