UAE - Mubasher: The UAE-based Aqarchain, the operator of a real-estate crowdfunding portal, will launch the UAE's first homegrown end-to-end blockchain platform for tokenisation of the real-estate market built on Tezos Blockchain.
Through the new real-estate crowdfunding tokenization platform, Aqarchain seeks to offer innovative solutions in promising economic sectors and democratise investment in the real estate sector, according to a recent press release.
Regulated by the Dubai Finance Services Authority (DFSA), Aqarchain is a fully owned subsidiary of SmartChain, which provides innovative products and solutions using emerging technologies, including Blockchain, AI, ML, Internet of Things (IoT).
The real estate sector is a major direct contributor to the region's economy, contributing about 6% of GDP in the UAE and 7% in Saudi Arabia in 2018, according to the Price Waterhouse Coopers (PWC) report.
The Founder and CTO of Aqarchain and Founder and CEO of SmartChain, Waqas Nakhwa, said: "We have developed not only a state of the art property listing portal with a mobile application for retail users, which will be live on 1 July 2021 allowing developers and brokers get a free listing and sales management platform, but, we have also developed our crowdfunding self-tokenisation platform for properties which allows fractional ownership of properties."
