Saudi Arabian firm Dar Global, a division of Dar Global PLC, a real estate development company headquartered in Dubai and publicly listed on the London Stock Exchange, and the Trump Organization are set to tokenize the hotel development for the Trump International Hotel Maldives project.
According to the press release, the collaboration is not only bringing the Trump brand to the Maldives but also introducing tokenization of the luxury hospitality project. The initiative tokenizes the development phase itself, offering investors the opportunity to participate in a high-growth, premium real estate project from inception. The Trump International Hotel Maldives will feature approximately 80 ultra-luxury beach and overwater villas and is set to open by the end of 2028.
Saudi Arabian firm to tokenize Maldives hotel
Eric Trump, Executive Vice President of The Trump Organization, stated that they are delighted to bring the Trump brand to the Maldives with Dar Global. He noted, “This development will not only redefine luxury in the region but also set a new benchmark for innovation in real estate investment through tokenization.”
Ziad El Chaar, CEO of Dar Global, also said the development marks the first time worldwide that luxury, innovation, and technology are blended in a way that will transform how the world invests in hospitality. On the main page of the Dar Global website, it reveals that the company is evolving how the world invests in luxury real estate.
It talks about the utilization of blockchain-powered tokenization, making access to high-value properties smarter, more flexible, and globally connected through fractional ownership. Dar Global’s website notes that investors can trade their tokens through regulated platforms, knowing that these tokens are backed by real-world assets, with every transaction being recorded on the blockchain.
The Deloitte Center for Financial Services predicts that $4 trillion of real estate will be tokenized by 2035, increasing from less than $0.3 trillion in 2024, with a CAGR of 27%. Deloitte adds that the tokenized ownership of undeveloped land and under-construction projects is expected to reach $50 billion by 2035, with a total market penetration rate of 0.80%.
In 2022, Saudi Arabian Dar Al Arkan Real Estate Developer dropped a limited number of utility NFTs (non-fungible tokens) for its Oman AIDA project. The $1.6 billion project AIDA is the largest premium, mixed-use urban development in Oman. It is a partnership between Dar Al Arkan and the Oman Tourism Development Company (OMRAN Group) aimed at driving the development of the Gulf state’s property market and supporting the growth of Oman’s real estate sector as part of Oman Vision 2040.
