Tokenization & RWA
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Senior English Editor
droppRWA, a subsidiary of Web3 infrastructure provider droppGroup, has partnered with Saudi Arabia’s RAFAL Real Estate Co. to execute the Kingdom’s first-ever Real World Asset (RWA) tokenization transaction — a groundbreaking move set to redefine real estate investment and access in the region.
This transaction is a strategic inflection point, as the RAFAL pilot will serve as a national feasibility benchmark for the future of tokenized property markets both within and beyond Saudi Arabia.
The initiative introduces fractional ownership of premium real estate assets, allowing Saudi citizens to invest with amounts starting from just a few Riyals. This democratized investment model directly supports Vision 2030 by promoting:
Built for Vision 2030, this initiative supports several key pillars:
In addition to retail access, the project is designed to attract institutional-grade foreign direct investment (FDI) through regulated, blockchain-based channels. This compliant infrastructure opens a secure path for global investors to access Saudi Arabia’s high-value real estate market.
The initiative unlocks trillions in both local and foreign capital by creating a secure, digital channel for investment — merging stablecoin liquidity with sovereign-grade infrastructure.
Before Saudi Arabia's tokenization pilot, Dubai had already transitioned from vision to action. The Dubai Land Department (DLD) has gone live with its Real Estate Tokenization Project under its Innovation Incubator, in partnership with Ctrl Alt, PRYPCO, Ripple (via the XRP Ledger), VARA, and the Dubai Future Foundation. The platform, now accessible to UAE residents with Emirates IDs through PRYPCO’s domain, enables blockchain-based fractional ownership of real estate.
This move builds on the pilot phase DLD launched earlier this year, which aimed to unlock AED 60 billion in tokenized transactions by 2033.
Both Dubai and Saudi Arabia are aligning on a shared regional vision: using tokenization to attract global capital, expand investor participation, and usher in the next era of real estate innovation.
Under the agreement, droppRWA will conduct a comprehensive feasibility study across RAFAL’s real estate portfolio, in collaboration with top consultancies. This will be followed by the development of a fully regulated proof-of-concept, where RAFAL will supply live real estate assets for controlled transaction testing.
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Elias Abousamra, CEO of RAFAL Real Estate, told Unlock Blockchain:
"At RAFAL, we believe real estate should be both aspirational and accessible. This partnership with droppRWA is not just about technology — it's about democratizing real estate investment and creating a global platform for FDI into Saudi Arabia. For the first time, a young Saudi can own a piece of a premium development with just a few Riyals.” He expects strong interest from individual investors globally as well, especially from key trade partners such as China, India, Pakistan and the USA.”
Regarding regulation, Abousamra told Unlock Blockchain:
"The Saudi regulators are known to be prudent and extremely diligent when adopting new regulations. One should expect a sandbox phase of 6 to 9 months whereby input is collected from all relevant authorities within the expanded ecosystem of the Saudi digital infrastructure. In parallel, public-private sector engagement is running through market sensing workshops. As a result, we are expecting this collaborative approach to generate an integrated solution that addresses some of the specificities of the Saudi market, rather than an imported framework from western economies."
When asked about the timelines and asset scope, Abousamra said:
"The timing is at the discretion of the regulators. As developers and investors, we are more concerned about having a scalable and seamless solution to achieve sustainable growth. For our pilot project, we have selected an income-generating asset of medium scale. Once we achieve cruising altitude on the commercial income-generating assets, we expect residential off-plan sales to follow. In both cases, scalability is expected to be exponential given the high levels of liquidity in the Saudi market, and the strong interest from FDIs."
Faisal Al Monai, Co-Founder of droppRWA, emphasized the broader implications:
“This transaction marks a paradigm shift. Around the world, capital is undergoing the greatest transformation of the 21st century — becoming digital, programmable, and accessible. This partnership places Saudi Arabia at the forefront of that transformation.”
He continued:
“With just 1 Riyal, a citizen can own a share of Vision 2030. At the same time, institutional investors gain a secure, compliant on-ramp into one of the world’s most dynamic real estate markets. This is where stablecoin liquidity meets sovereign-grade trust — with global impact.”
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