Dubai Land Registry to Tokenize Property Records

Dubai Land Department Signs Agreement to Tokenize Real Estate

Dubai, United Arab Emirates - The Dubai Land Department has signed a landmark agreement with Vara, a blockchain-based real estate platform, to tokenize real estate in the emirate. The partnership aims to revolutionize the way property is bought, sold, and managed in Dubai.

Under the agreement, Vara will work with the Dubai Land Department to develop a blockchain-based platform that allows for the tokenization of real estate assets. This will enable property owners to create digital tokens representing ownership stakes in their properties, which can then be traded on secondary markets.

The agreement is seen as a significant step towards the development of a more efficient and transparent real estate market in Dubai. It also marks a major milestone in the emirate's efforts to adopt blockchain technology and become a hub for innovation and entrepreneurship.

"We are excited to partner with Vara to bring the power of blockchain to the real estate sector in Dubai," said Sultan Butti Saeed Al Qatari, Director General of the Dubai Land Department. "This partnership has the potential to transform the way we buy, sell, and manage property in the emirate, and we look forward to seeing the benefits it will bring to our customers and stakeholders."

Vara's platform uses blockchain technology to create a secure, transparent, and efficient way to buy, sell, and manage real estate assets. The company's goal is to make it easier for people to invest in real estate, regardless of their location or financial situation.

"This agreement is a major step forward for the real estate industry in Dubai, and we are thrilled to be working with the Dubai Land Department to make it a reality," said Michael Republic, CEO of Vara. "Our platform has the potential to transform the way people invest in real estate, and we believe that Dubai is the perfect place to make that happen."

The agreement is the latest in a series of initiatives aimed at developing Dubai's real estate sector. The emirate has been working to position itself as a hub for innovation and entrepreneurship, and the agreement with Vara is seen as a key part of those efforts.

The agreement is expected to come into effect in the coming months, and the Dubai Land Department and Vara will work together to develop the platform and bring it to market. The partnership has the potential to bring significant benefits to the real estate sector in Dubai, including increased efficiency, transparency, and accessibility.