PANews reported on May 26 that according to the official announcement, the Dubai Land Department (DLD) announced a collaboration with the tokenization platform Ctrl Alt to launch a real estate tokenization project, which is supported by the Dubai Virtual Asset Regulatory Authority (VARA) and the Dubai Future Foundation. The project uses XRP Ledger blockchain technology, implementing property certificate tokenization through the PRYPCO Mint platform, with a minimum investment threshold of 2,000 dirhams (approximately $545). This is the first government-led real estate blockchain tokenization project in the Middle East.
According to the project team, the plan is part of Dubai's "Real Estate 2033 Strategy", with the goal of achieving a tokenized real estate market worth 60 billion dirhams by 2033. Ctrl Alt, as the technology provider, has currently completed the tokenization of assets worth $295 million and holds a broker and issuer license issued by VARA.
