PANews reported on May 26 that according to an official announcement, the Dubai Land Department (DLD) announced a partnership with the tokenization platform Ctrl Alt to launch a real estate tokenization project, which is also supported by the Dubai Virtual Asset Regulatory Authority (VARA) and the Dubai Future Foundation. The project uses XRP Ledger blockchain technology to tokenize property certificates through the PRYPCO Mint platform, with a minimum investment threshold of 2,000 dirhams (about $545). This is the first government-led real estate blockchain tokenization project in the Middle East.

According to the project owner, the plan is part of Dubai's "Real Estate 2033 Strategy", which aims to achieve a tokenized real estate market of 60 billion dirhams by 2033. As a technology provider, Ctrl Alt has completed the tokenization of $295 million in assets and holds broker and issuer licenses issued by VARA.