DLD launches MENA's first tokenised real estate project through ‘Prypco Mint' platform
DUBAI: In a landmark move that reinforces Dubai's leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform.
The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenisation.
Dubai Land Department has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform mint.prypco.com. The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai's position as a global hub for innovation in tokenized real estate.
The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making.
This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization. The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights. As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai's real estate market by 2033, equating to a value of AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation.
The real estate tokenisation project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment.
In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency.
This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment.
The project's initial phase is exclusively limited to ready-to-own properties, and tokenisation is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector.
Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management.
This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
Episode 1: How to get your dream job after graduation
One of the most daunting tasks young people face after university is finding their first job. In this debut episode of the How to Adult series, host Hala Nasar shares her post-university panic and talks to fellow graduates about job hunting in the UAE. Despite completing multiple internships, she shares the challenges, confusion and rejections that come with trying to enter the workforce. To offer practical solutions, Hala sits down with recruitment expert Kameron Hutchinson, who breaks down what fresh grads need to know to stand out. As a Dubai-based recruitment director, Mr Hutchinson shares tips on what makes a CV stand out, how fresh graduates can optimise their LinkedIn profiles, and the most effective job platforms in the UAE. Mr Hutchinson also addresses common misconceptions about cover letters, how to follow up after an interview, and how young professionals can network, even if they're just starting out. How to Adult is a weekly series helping young people tackle real-life situations. New episodes drop every Monday across podcast platforms, YouTube, and social media.
The National
an hour ago
- The National
Pioneering Emirati pilot on a mission to inspire as UAE women build for the future
The sky is the limit for a trailblazing Emirati woman hoping to inspire others to make their dreams take flight as she provides a crucial guiding hand in the success of a cutting-edge crewless aircraft made in the UAE. Mariam Al Mansoori recently etched her name in the history books when she became the first female citizen to remotely pilot the high-tech Garmoosha, an unmanned aerial vehicle (UAV) used for surveillance and reconnaissance missions. The light aircraft was developed by Adasi, a subsidiary of defence conglomerate Edge, to act as a critical tool for armed forces by flying into hazardous areas to capture valuable information without putting a pilot's life at risk. Edge is one of the top 25 military suppliers in the world, known for investing heavily in innovation, smart weapons and emerging technology. Ms Al Mansoori, a senior production engineer at Adasi, was among the high-flying Emirati women to tell The National of their achievements to mark International Women in Engineering Day, celebrated on June 23 each year. 'I'm so proud of myself. Recently I achieved my dream. I became a UAV pilot for Garmoosha," said Ms Al Mansoori, who joined Adasi nearly a decade ago. "So I'm not only working as an engineer, I'm also a UAV pilot.' She has worked on Garmoosha from its earliest days, involved in its development, integration and testing, and now supervises its production line. 'It's amazing. You build it, then you see it fly and you have full control. That feeling is huge,' she said. 'Since the first day I joined Adasi, I had this plan, inshallah, one day I will become a pilot. Last week, I graduated.' She is now certified after completing ground school and 20 hours of field training. 'When you see Garmoosha flying and you're the one in control, it's something else," she said. Her success, she said, sends a message to young Emirati women: 'Women can work and achieve in all fields. Our role is not different than men's.' Leading from the front Mouza Al Zaabi, an engineer at Edge subsidiary PPI, works in the defence and oil and gas division. She leads complex repair projects from start to finish – from technical analysis to customer communication and delivery. 'As an engineer in a high-precision, high-stakes environment, every day is a learning opportunity,' she said. 'These challenges have shaped me, I've become more resilient and agile.' Ms Al Zaabi said her family have always been her foundation by offering their encouragement. 'They encouraged me and made me the proud Emirati woman I am today,' she said. 'Their belief gave me strength.' Her advice to anyone wanting to follow in her footsteps is: 'Always believe in yourself. Don't underestimate what you can bring. Engineering isn't about gender, it's about skill and passion.' Powering progress At Halcon, another Edge company that focuses on guided weapons systems, Aliya Al Jaberi works as an engineer in the power electronics department. She is responsible for designing how electricity is controlled and distributed across the company's advanced weapons platforms. 'I've been at Halcon for three years now,' she said. 'What fascinated me about electronics engineering is understanding how complex, critical systems work.' She acknowledges the challenges of working in a male-dominated field but sees it as an opportunity for growth, not limitation. 'It shaped me for the better,' she said. 'My advice to other women: trust yourself. Our country has invested in us, now it's time we give back.' Championing diversity Emirati women are also reshaping the workplace landscape at Ducab, one of the region's largest cable and wire manufacturers. Out of 99 engineers at Ducab, 16 are women, an encouraging number in an industry historically dominated by men. Ducab is a member of the Challenger Programme, a national initiative to increase gender diversity in heavy industry by improving workplace culture, leadership pipelines and company policies. Projects in the pipeline include gender audits, a culture toolkit and cross-organisational mentorship programmes. Gender should be no barrier Asal Alameri, an operational excellence engineer, sets performance standards and works on improving manufacturing processes across the company's cable production plants. 'It's a very fun and challenging field,' she said. 'Engineering isn't as physical or male-oriented as people think. It's about solving problems.' She joined Ducab through a student sponsorship while studying at Higher Colleges of Technology. Her sister who is also an engineer, paved the way. 'She taught me things I didn't know – like how GPA [grade point average] works from the first semester, or the importance of attendance and first impressions,' Ms Alameri said. 'That made a difference.' While cable production is still machinery-heavy, she says the engineering teams are increasingly balanced. 'Maybe not 50-50 yet, but women are excelling in every department,' she said. 'It's not about quantity, but quality.' Rising to the challenge Shaima Ali, senior material engineer at Ducab, manages the raw materials that power the company's products – from copper and aluminium to specialised polymers. 'My background is chemical engineering,' she said. 'I can apply that to choosing the right materials and understanding how they affect quality and performance.' She began as a trainee engineer, moved into manufacturing, and now leads material selection and compliance, ensuring all materials meet regulatory and technical standards. 'It's never boring. There's always a new challenge,' she said. 'But the most exciting part is seeing how AI and technology are transforming our roles. "For example, we used to do reports manually. Now, with a few inputs, the system generates them automatically, saving 50 per cent of our time.' Her message: 'Believe in your potential. Don't let stereotypes define your path. Engineering needs diverse minds.' Shama Almarzooqi, also at Ducab, is a senior operational excellence engineer currently preparing to pursue a doctorate in artificial intelligence and sustainability in manufacturing. She joined the company in 2020 after being sponsored as a student in 2018. Since then, she has rotated through various roles from process engineering to manufacturing and now excellence optimisation. 'I'm a progress person,' she said. 'I already finished my Master's, and now I'm working on my research for a PhD. I'm thinking about how AI can make manufacturing more sustainable.' Her job involves analysing production data to reduce costs and improve quality. She works closely with departments across Abu Dhabi and Dubai. 'It's not a desk job,' she said. 'I move between departments and sites. Sometimes it's exhausting, especially in the summer, but when I see the results, I feel proud.' Among her recent accomplishments was helping to develop an AI tool to track production output and plan machine maintenance, reducing downtime and improving performance. 'It's a powerful feeling,' she said. 'It shows how data and innovation can create real value.' When she first told her family she wanted to become an engineer, it was a surprise for them. 'I was the first woman in my family to choose this path. It was a challenge just to explain it to them,' she said. 'But once I started, they gave me the strength to keep going.' Her advice to others: 'Engineering isn't just about machines or maths. It's about shaping the future. If you're curious and determined and want to make an impact, this is your path.'
Khaleej Times
an hour ago
- Khaleej Times
Israel-Iran conflict: Companies evacuate hundreds of employees from region
With the ongoing conflict between Iran and Israel, an increasing number of organisations are rushing to evacuate their staff from the region, according to security risk services company International SOS, which is actively supporting organisations across the region with real-time intelligence, risk assessments, and response planning. 'Since June 13 when the conflict began, we have evacuated over 200 people from different locations,' said Gulnaz Ukassova, the regional Security Director for Information & Analysis at International SOS. 'There are people who are already moving, not just from those two countries, but also from neighboring countries — and others that are in the process of planning. We help them with not just evacuating from the country, but also securing transport and support with all of the logistical arrangements afterwards.' The conflict between Iran and Israel escalated dramatically on Sunday when the United States bombed 3 Iranian nuclear sites. Another expert added that while international companies are evacuating employees from several countries in the region, they are not doing so from the UAE. However, flexibility is being offered. 'We are not aware of companies in the UAE relocating their employees,' said Tom Griffin, Managing Partner of Middle East & Africa of evacuation company, Control Risks. 'Instead, they are focusing on clear and frequent communication, a lesson well learned during the pandemic, to reassure their staff that they are monitoring the situation and taking steps to ensure their safety. Many are offering flexible work-from-home options to minimise disruption while keeping operations running smoothly.' Challenge of misinformation According to Tom, technology has dramatically changed the way evacuations are done; however, they could also pose a challenge. 'Today, we can tap into multiple trusted sources in real time, allowing us to make informed decisions faster than ever before,' he said. 'This speed is a game-changer; it enables us to respond to emerging threats with agility. However, it also introduces the new challenge of information overload, as well as dis- and misinformation.' He added that rumours, speculation, and misinformation can slow or even prevent decisions from being made. Gulnaz said that in the 'era of misinformation', clients depend on them to give accurate information. 'We promise to provide our clients with verified intelligence and actionable advice,' she said. 'So we tell them the situation and give advice and recommendations on what they can do.' Constant monitoring Both companies said that they constantly monitor the situation on the ground. 'We have an established global methodology for evacuation ratings and will define triggers specific to the situation on the ground, that prompt upgrades and downgrades of the ratings,' said Tom. 'Ratings are usually reviewed on a daily basis, but decisions to change them are weighed very seriously because of their implications on both people and business as well as associated costs." With the situation in the Middle East continuing to be fluid, Gulnaz said that they had sounded early warnings to their clients. 'On June 3, we published an in-depth analytical report where we looked at scenarios of how US-Iran talks might proceed,' she said. 'We indicated in that report that the likelihood of Israeli operation against Iran is very high. So based on that, we started advising clients early on.' Factors to be considered According to her, International SOS operates 28 global assistance centres, including one in Dubai, to ensure swift evacuation from anywhere in the world. She said that key triggers that prompt companies to evacuate their staff include direct threats to life, such as violence, civil unrest, or regional conflict spillover and operational barriers like curfews, internet shutdowns, and electricity outages. Tom added that other factors that were considered include whether land, sea or air borders were open or closed. 'We also have to look at the population of the workforce, whether they are expat or local and duty of care expectations,' he said. 'The nature and criticalness of services provided on the ground and business continuity considerations is another important factor. For example, a sales office is easier to close and reopen than a critical infrastructure asset. The risk of local movement to evacuate versus sheltering-in-place and available insurance and implications for triggering insurance claims are other important factors.'
