Tokenized real estate projects advance in Dubai and Maldives
A Trump-tied hotel development in the Maldives and the Dubai Land Department announced details on tokenizing their real estate projects this week.
Entities in Dubai and the archipelagic nation of the Maldives are moving forward with tokenized real estate development projects worth millions of dollars, combined.
On Friday, the Dubai Land Department announced that it would launch the second phase of a real estate tokenization pilot program. The move followed about $5 million worth of real estate in Dubai being tokenized, allowing the resale of about 7.8 million tokens.
The tokenization infrastructure partner for the pilot, called Ctrl Alt, which is also licensed as a Virtual Asset Service Provider in Dubai, will issue “Asset-Referenced Virtual Asset management tokens” to facilitate the transfer of the tokens on secondary markets.