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UAE selected Ripple’s XRP Ledger as the blockchain for tokenizing the transactions.  Dubai’s real estate tokenization program has over 3,000 registered investors

 

Senior executive Mahmoud AlBurai from the Dubai Land Department (DLD) shared this information in a LinkedIn post. He mentioned that many people who have joined the waitlist indicate a strong interest in the project. This initiative marks the first tokenization effort for real estate in the Middle East and North Africa (MENA) region.

At present, only Emirates cardholders who are official residents of the United Arab Emirates can participate in the program. Despite this eligibility restriction, the project has attracted interest from many investors, likely due to the engagement of several regulatory bodies in advancing the project.

. AlBurai asserts that the pilot phase network is named XRPL. This raises the question of whether XRPL will be the sole option or if there are plans to expand to other networks.

DLD partnered with Prypco Mint and Ctrl Alt to tokenize ownership deeds for government-owned real estate. Now, the department plans to offer investors a share of these properties.

Ripple has been promoting real-world assets (RWA)  on XRPL. It invested $10 million in tokenized US Treasury bills through OpenEden after the platform’s launch on XRPL, and $5 million in a tokenized money market fund on XRPL by the UK-based company Abrdn last year. With the inclusion of real estate tokenization, XRPL seems poised for increased institutional adoption.

Leveraging XRPL, Ripple has begun onboarding institutions into its payments service after securing a payments provider license from the Dubai Financial Services Authority (DFSA).