The Dubai Land Department (DLD) has launched a pilot project to tokenize real estate assets on the blockchain, becoming the first real estate registration entity in the UAE to do so. In collaboration with the Dubai Future Foundation and the Virtual Assets Regulatory Authority, this initiative aims to generate a market value exceeding $16 billion by 2033, representing 7% of total real estate transactions in Dubai. DLD Director-General Marwan Ahmed Bin Ghalita emphasized that tokenization simplifies and enhances the processes of buying, selling, and investing in real estate. The initiative is seen as a transformative moment for the sector, fostering growth and accessibility to a global pool of investors. Scott Thiel, CEO of Tokinvest, noted the importance of this shift in promoting a more inclusive and efficient real estate market. The government of Dubai aims to establish clear guidelines around real-world asset tokenization, reinforcing its commitment to blockchain technology.

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