The Dubai Land Department (DLD) and the Dubai Virtual Assets Regulatory Authority (VARA) have signed a groundbreaking collaboration agreement aimed at enhancing Dubai’s status as a leading hub for both real estate investments and innovation. This agreement marks the first of its kind globally, linking the real estate registry with property tokenization through a governance system, which is designed to improve market liquidity and the efficiency of property management companies.

This partnership follows the launch of the pilot phase of the ‘Real Estate Tokenisation Project,’ an initiative under the ‘REES Real Estate Innovation Initiative’ by DLD. The agreement aligns with the strategic goals set by the UAE government and its leadership, aiming to position Dubai as a global center for innovation and investment in the real estate sector.

The collaboration is set to enhance legal frameworks and regulations to ensure compliance with evolving demands in Dubai’s investment landscape while safeguarding investor rights. It also aims to streamline access to the real estate market for small investors, thereby contributing to the sector’s sustainability and growth.

Moreover, the agreement supports Dubai’s ambitious real estate strategy through 2033, which is part of the broader Dubai Economic Agenda (D33). This agenda seeks to double Dubai’s GDP over the next decade, with the real estate sector expected to reach AED 1 trillion in transactions, reflecting a growth of 70% in value.

As demand for innovative real estate solutions increases, this collaboration will facilitate pilot projects that assess risks and integrate virtual assets into the real estate sector, maximizing economic benefits. It also emphasizes the enhancement of digital infrastructure in real estate, focusing on investor needs and increasing awareness of virtual asset regulations.

HE Helal Al Marri, Director General of the Dubai Department of Economy and Tourism, highlighted that this partnership demonstrates Dubai’s commitment to future-focused innovation. He stated that the collaboration between DLD and VARA aims to create a model that allows for more inclusive economic participation, ensuring market integrity and regulatory clarity.

Similarly, His Excellency Eng. Marwan bin Ghalita, Director General of the Dubai Land Department, expressed that this agreement is a strategic step towards leveraging technology to empower the real estate sector. He noted that the partnership aligns with the objectives of the Dubai Real Estate Strategy 2033 and the D33 Agenda, particularly in adopting advanced technologies and providing a seamless investment experience.

In conclusion, the collaboration between DLD and VARA showcases Dubai’s dedication to fostering a diverse investment ecosystem that enhances the competitiveness of the real estate sector, reinforcing the emirate’s vision of a knowledge-driven, technology-based future economy.