Dubai develops mechanisms that support real estate trading

The Dubai Land and Property Department signed a cooperation memorandum with the company «Creibo.com», with the aim of developing a digital investment environment for virtual real estate assets, exploring the uses of Blockchain technologies and digital currencies in the sector, in a move consistent with the directions of the Dubai government towards accelerating digital transformation, and enhancing the emirate’s position as a global center for technological innovation, and smart real estate investment.

The signing of the memo comes at a time when the Dubai government announced its direction to allow government fees in cryptocurrencies, which constitutes a new stage of integration between the governmental and technical sectors, and enhances the leadership of the emirate in adopting innovation in government services.

The memorandum is also consistent with the Dubai Real Estate Sector Strategy, which seeks to develop a sustainable and smart real estate system based on modern knowledge and technology, in order to enhance Dubai’s ability to attract quality investments, to reach a trillion dirhams by 2033.

The memorandum was signed by the Director General of the Dubai Lands and Property Department, Omar Hamad Bushehab, and who is authorized to sign the company “Crypto.com”, Mohamed Abdel Latif Al -Hakim, in the presence of a number of officials and executives from both sides.

This cooperation aims to develop mechanisms that support real estate trading, by employing “Blockchain” technologies and virtual assets, and exploring opportunities to use cryptocurrencies in real estate transactions, in a way that contributes to enhancing liquidity, and keeps pace with modern trends in smart investment. It also aims to build an integrated digital environment that allows the circulation of real estate assets, to verify investors, and implement digital conservation and settlement, within a safe and advanced framework.

The partnership also seeks to contribute to enhancing the position of the Dubai Real Estate Financial Market as a first destination for digital real estate investment, by developing new investment tools based on innovation, in line with the aspirations of global investors, and keeps pace with the development of the real estate market in the emirate.

This cooperation reflects the department’s keenness to keep pace with the strategic vision of the wise leadership in making Dubai the best city in the world, to live, work and invest, as well as support the targets of the Dubai Economic Agenda (D33), which is based on providing an ideal investment climate, which enhances the durability of Dubai’s economy with innovative methods, contributing to sustainable growth.

According to this cooperation, the Dubai Land and Property Department will study the possibility of employing the platforms and technical solutions proposed by the “Creibo.com” in the fields of real estate coding and digital assets, while providing the administrative and logistical support necessary to facilitate the implementation of joint projects, and evaluate proposals based on the organizational frameworks approved by the department. The department is also obligated to provide all relevant legal and legislative requirements, in a manner that guarantees the compatibility of projects with the regulations of the Emirate of Dubai.

While the Crypto.com will propose the appropriate technical solutions to employ digital currencies in the real estate sector, and to provide the necessary technical support and technical consultations, as well as analytical tools and reports that contribute to decision -making support, regarding digital projects. The company will also provide – when agreeing to implement any of the proposed projects – all technical and legal documents, and obtain the necessary approvals from the competent authorities, in line with the legislation in force in the emirate.

The signing of this memorandum represents a new strategic station within the efforts of the Dubai Land and Property Department, to enhance innovation in the real estate sector, and to provide an integrated environment that supports the development of an advanced digital market, opens new investment horizons, and Dubai’s position is established at the forefront of global cities in adopting the latest digital real estate solutions.