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Dubai sets global benchmark with instant sell-out of tokenised real estate

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In a landmark moment for Dubai’s property sector, the Dubai Land Department has announced that its second tokenised real estate project on the ‘PRYPCO Mint’ platform was fully funded in just one minute and 58 seconds.

The record-breaking success saw 149 investors from 35 nationalities participate, reflecting the rising global interest in Dubai’s innovative approach to digital real estate ownership.

The overwhelming demand has pushed the investor waiting list to over 10,700, underscoring strong confidence in property tokenisation as a new gateway to accessible and fractional real estate investment in the emirate.

Accredited under the Dubai Land Department’s official Property Tokenisation Initiative, PRYPCO Mint allows users to buy shares in ready properties through a streamlined, cost-efficient platform. Its success is helping to redefine traditional investment models and increase participation from both local and international investors.

With plans to expand its portfolio of tokenised properties, the platform is expected to play a central role in shaping Dubai’s property market by 2033.

Amid this momentum, the Dubai Land Department has invited interested individuals to pre-register and set up their accounts early to avoid missing out on future offerings in one of the world’s most dynamic real estate markets.

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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Dubai issues new law to regulate the construction and contracting sector 

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In a major move to enhance governance and transparency in the construction and contracting sector, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (7) of 2025 regulating contracting activities across the emirate.

The new legislation introduces a unified regulatory framework aimed at standardising contractor classification, improving oversight, and reinforcing accountability across the sector. It is designed to align with Dubai’s strategic vision for sustainable development and global best practices in urban planning and infrastructure.

Oversight Committee to Lead Sector Reform

A central provision of the law is the establishment of a new Contracting Activities Regulation and Development Committee, which a representative from Dubai Municipality will chair. The committee will include members from various government entities involved in the sector.

The committee will be tasked with:

  • Approving and supervising contracting activities
  • Defining regulatory responsibilities across entities
  • Proposing new policies and legislative updates
  • Resolving jurisdictional conflicts
  • Establishing a sector-wide code of ethics
  • Coordinating with public and private stakeholders

Digital Transformation of Contractor Registry

Dubai Municipality has been appointed as the lead authority to manage the sector’s transformation. It will establish and operate a fully integrated electronic platform for all contracting activities in the emirate. The platform will be linked to the existing Invest in Dubai portal and serve as the official contractor registry.

The Municipality is also responsible for:

  • Issuing professional competency certificates
  • Creating a code of conduct for the industry
  • Classifying contractors in construction, building, and demolition
  • Enforcing compliance with approved classification and operating capacity

Law Applies Across Zones, with Specific Exemptions

The law applies to all contractors operating in Dubai, including those in free zones and special development zones, such as the Dubai International Financial Centre (DIFC). However, contracting activities related to airport infrastructure and other exceptions approved by the Executive Council are excluded.

Penalties and Compliance Deadlines

The law imposes strict penalties for non-compliance:

  • Fines ranging from Dh1,000 to Dh100,000
  • Repeat violations may result in doubled fines up to Dh200,000
  • Additional measures include license suspension, contractor downgrading, and removal from the registry

Contractors currently operating in Dubai must regularise their status within one year of the law’s implementation. This deadline may be extended by the committee for an additional year if necessary. Contractors with expiring registrations during this period can renew them by submitting a pledge to comply with the law.

Law Effective in Six Months

The new law will take effect six months after its publication in the Official Gazette, and any conflicting legislation will be annulled.

This initiative marks a significant step in reinforcing Dubai’s position as a global hub for world-class infrastructure, while ensuring higher levels of efficiency, transparency, and professionalism in the contracting industry.

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Dubai real estate firm names Afghan cricket star Rashid Khan as brand ambassador

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Afghan cricket sensation Rashid Khan has been named the new brand ambassador for Dubai-based MH Developers, a leading real estate firm making major strides in the emirate’s booming property sector.

The announcement comes at a time when Dubai’s real estate market is hitting new highs, with the first half of 2025 showing a 15% year-on-year rise in property prices and a 20% increase in transaction volumes, driven by strong investor confidence, economic stability, and world-class infrastructure.

Cricket and Construction Come Together

Known for his record-breaking feats on the pitch, including being the fastest bowler to reach 100 wickets in T20 internationals, Rashid Khan brings his global appeal and winning mindset to the real estate arena.

“The UAE has always been a second home for Afghan cricket, offering support and opportunity during difficult times,” said Khan. 

“This collaboration with MH Developers is a natural fit for me, professionally and personally, as it reflects shared values of resilience, growth, and building a better future.”

A Strategic Move by MH Developers

Murtaza Hashmi, CEO of MH Developers, said the partnership with Khan is part of a broader strategy to connect with new audiences and tap into Dubai’s rising profile as a global hub for luxury living and smart investment.

“Dubai offers a secure, well-regulated environment that continues to attract buyers and investors from around the world,” said Hashmi. 

“Rashid Khan’s international reputation and unwavering pursuit of excellence align perfectly with our mission to deliver top-tier real estate solutions during this exciting time for the market.”

What’s Next for MH Developers?

With this partnership in place, MH Developers plans to roll out signature projects that blend sophisticated design with solid investment potential, tailored to the modern lifestyle demands of Dubai’s growing resident and investor base.

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Thinking of buying your first home in Dubai? A new government programme is here to help

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If you’ve been dreaming of owning a home in Dubai but weren’t sure where to start, the city just made it easier. A brand-new initiative, launched by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET), is offering residents a chance to step onto the property ladder with exclusive incentives and support.

Called the First-Time Home Buyer Programme, the initiative is open to all UAE residents aged 18 and above who don’t currently own a freehold home in Dubai. It offers early access to newly launched developments, special prices on homes valued up to Dh5 million, and custom mortgage solutions from leading local banks.

At its core, the programme is designed to make homeownership more accessible and attractive to both Emiratis and expats, encouraging long-term investment and helping residents put down real roots in the city.

Announced during a press conference at DLD, the launch was attended by senior officials, including Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, and Hadi Badri, CEO of the Dubai Economic Development Corporation at DET, along with representatives from top developers and banks.

Here’s what you get as a first-time buyer in Dubai:

  • Priority access to upcoming property launches
  • Preferential pricing on selected units up to Dh5 million
  • Tailored mortgages from banks, including Emirates NBD, Dubai Islamic Bank, Mashreq, and others

Major developers such as Emaar, DAMAC, Nakheel, Azizi, Binghatti, and Meraas are already on board, ensuring a wide selection of properties across the city.

Officials say the programme not only aims to help more residents become homeowners, but also supports Dubai’s long-term economic vision, as part of the Real Estate Strategy 2033 and the D33 Agenda.

“Dubai’s real estate market must reflect the diversity and ambition of its residents,” said Omar Bu Shehab, Director-General of DLD. “This programme opens the door for more people to invest in their futures here.”

Whether you’re a young professional thinking of buying your first apartment or a family looking to make Dubai your permanent base, the First-Time Home Buyer Programme could be your opportunity to finally make that move.

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