DLD, VARA to achieve Dubai's strategic goals for realty sector

Following the launch of the pilot phase of the 'Real Estate Tokenisation,' one of the initiatives under the umbrella of the DEEE's Real Estate Innovation initiative, Dubai Land Department (DLD) and the Dubai Virtual Assets Regulatory Authority (VARA) signed a collaboration agreement aimed at enhancing Dubai's global position as a leading hub for investment and innovation in the real estate sector. This agreement seeks to improve the regulatory environment related to virtual assets in real estate transactions in line with the strategic directives of the UAE and the vision of its wise leadership to position Dubai as a global hub for innovation and investment.

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This pioneering agreement, the first of its kind on a global scale in linking the real estate registry with property tokenisation through a governance system that enhances market liquidity and improves the efficiency of property management companies, was signed in the presence of His Excellency Marwan bin Ghalita, Director General of the Dubai Land Department and His Excellency Helal Al Marri, Director General of the Dubai Department of Economy and Tourism and the agreement was also signed by Majdi Al Marri, Executive Director of the Real Estate Registration Sector at DLD, and Matthew White, CEO of VARA.

Empowering the Real Estate Sector and Virtual Asset Integration

The agreement aims to enhance legal frameworks and regulations to keep pace with future developments, ensuring investor rights and compliance with evolving requirements in Dubai's dynamic real estate landscape. Additionally, it focuses on increasing investment opportunities and streamlining access to Dubai's real estate market for small investors, thereby contributing to the growth and sustainability of the sector.