Dubai Land Authority (DLD) has announced the launch of a real estate tokenization pilot project, becoming the first real estate registry in the Middle East to use blockchain technology to manage real estate title certificates. The project is jointly developed by the Dubai Land Authority in conjunction with the Virtual Asset Regulatory Authority (VARA) and the Dubai Future Foundation (DFF). The Dubai Land Authority expects that by 2033, the tokenized real estate transaction volume will reach 60 billion dirhams (approximately 16 billion US dollars), accounting for 7% of the total real estate transactions in the city. Marwan Ahmed Bin Ghalita, director general of the Dubai Land Authority, said the project will "streamline and enhance the process of buying, selling and investing in local real estate", and the authority is currently working with technology companies to refine the pilot project, which will be gradually scaled up later.