Dubai and Maldives advance tokenized real estate projects
Entities in Dubai and the Maldives are progressing with tokenized real estate initiatives valued in the millions of dollars.
On Friday, the Dubai Land Department announced the launch of the second phase of its real estate tokenization pilot. The update follows the tokenization of roughly $5 million in Dubai property, enabling the secondary-market resale of approximately 7.8 million tokens.
Reece Merrick, Ripple Labs’ managing director for the Middle East and Africa
Ctrl Alt, the pilot’s tokenization infrastructure partner and a licensed Virtual Asset Service Provider in Dubai, will issue “Asset-Referenced Virtual Asset management tokens” to support secondary-market transfers. According to Ctrl Alt, all onchain transactions for the real estate tokens will be recorded on the XRP Ledger and secured via Ripple Custody.
In May 2025, the Dubai Land Department projected the tokenization initiative could contribute about $16 billion by 2033, equivalent to 7% of the jurisdiction’s total property transactions. Observers have cited Dubai’s property market and crypto-friendly regulatory framework as differentiating factors among global jurisdictions.
Maldives resort linked to Trump plans tokenization of development phase
Ctrl Alt’s update follows an announcement by real estate developer DarGlobal and World Liberty Financial, a crypto firm backed by U.S. President Donald Trump and his sons, outlining plans to tokenize the development phase of a Trump-branded resort in the Maldives. The tokenization will be executed in partnership with financial technology company Securitize.
“We definitely see this as taking over the way other projects are being funded,” DarGlobal CEO Ziad El Chaar said, adding: “[Tokenization] will open the door to many more investors, who would like to take part in investing in real estate but don’t have access today.”
World Liberty announced the plan at a crypto-focused event at Trump’s Mar-a-Lago property on Wednesday. Attendees included Goldman Sachs CEO David Solomon, Coinbase CEO Brian Armstrong, and Senators Ashley Moody and Bernie Moreno.
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