From tokenized real estate to NFT-based loyalty programs — practical takeaways

From its onset, the UAE has made innovation implementation a national priority. The crypto boom 2.0 was unleashed by the Trump administration, whose key figures, including the ex-DOGE chief and entrepreneur Elon Musk, are famous admirers of the crypto phenomenon. The UAE also embraces this trend, maintaining close connections with the U.S. Just recall how meetings (here) of high-profile officials from both countries recently delivered huge investment commitments from both sides.

This is not a one-way movement of the Emirates’ investments with a tag (here) of $1.4 trillion. On May 22, the U.S.-based Cisco company revealed that it would join ranks with the Japanese SoftBank Group, the UAE-based G42, American OpenAI, Oracle, and NVIDIA to create innovative infrastructure in the UAE aimed at exploring Artificial Intelligence (AI) opportunities.

The UAE-US AI Campus in Abu Dhabi remains in focus as this Persian Gulf country deepens its partnership with the American leading AI solutions provider, OpenAI, under the framework called the “Stargate UAE” project. This means that a new AI hub will be deployed at the UAE–US AI Campus. The first data center, with a starting capacity of 200 MW, will be put on stream next year.

This is highly significant for crypto as well. The advent of AI into everyday life means that crypto is also undergoing transformation. I anticipate that the volume of crypto transactions will rise tremendously in the next couple of years since AI-driven systems will use crypto as their “money” to transact with each other.

I see the first trend: the dawn of an AI-driven economy in which crypto becomes the “money.” The UAE remains at the forefront of AI development globally, and hence we will face this reality very soon.

At the same time, I’d like to highlight another trend. While crypto will be highly popular within the ecosystem of fully autonomous AI systems, there will be huge demand for digital dirham-backed stablecoins in transactions between people and companies in the UAE. The UAE Central Bank is set to launch (here) its Central Bank digital currency (CBDC) in the fourth quarter of this year. I predict that it will propel the local economy to a new level of development, considering the global trend among countries to promote their national currencies. The potential of the digital dirham is significant—to become a popular means of transaction not only within the Emirates’ economy but also on the international level.

The third trend concerns crypto-related applications of the blockchain-based approach to the “real economy.” I believe that the tokenization of real-world assets is a trend that will gain momentum in the near future. One natural application of tokenization in the UAE is the country’s real estate market. Following the enormous inflow (here) of high-net-worth individuals to the UAE, the prices of residential and commercial properties are skyrocketing. The tokenization of such properties allows investors to acquire a slice of them to benefit from the positive price dynamics.

It’s worth mentioning that tokenization has been officially endorsed by the Dubai government’s entity, the Dubai Land Department, which on May 25 launched (here) “the MENA’s first tokenized real estate project.”

The fourth trend is the crypto phenomenon’s integration into the functioning of consumer loyalty programs. According to some estimates (here), the digital transformation of such programs—such as those run by Emirates Airlines’ Skywards, Etihad Airways’ Etihad Guest, and Carrefour—will drive the relevant market upward.

Last but not least, the fifth trend is the further exploration of the crypto approach in a broader sense within the financial sector. To me, this is particularly interesting, as I was involved in the early application of blockchain in the banking and brokerage sectors in Russia. My tenure as Chairman of the Board of Directors of Otkritie Broker (2017–2022) and as a Senior Vice President of Otkritie Bank was marked by numerous challenges, one of which was the COVID-19 pandemic.

At that time, the business faced a harsh reality in the banking and brokerage sectors that could be described as “be digital or die.” It’s easier to say “be digital” than to fully implement it in practical corporate life. But I am convinced that all tasks can be fulfilled, and this was underlined in our corporate DNA when, amidst the pandemic in 2021, we launched our fresh slogan: “All goals are achievable.”

Blockchain and crypto phenomena inspired me to introduce the decentralized ledger approach into as many aspects of the Otkritie ecosystem as possible. The crypto sphere was nascent at that time, but we achieved many things, including the internal testing of corporate tokens and the blockchain-based approach to settling various multi-party contracts.

I’m glad to see how crypto and blockchain are becoming increasingly applicable in the business landscape of the UAE. On May 19, it was announced (here) that two new clients — Zand Bank and Mamo — have joined the Ripple Payments system. This system, licensed by the Dubai Financial Services Authority (DFSA) since March 2025, enables fast and transparent cross-border payments for banks and fintechs in the region.

Looking at the innovative landscape of the UAE, I see how this country is poised to play a leading role in the new financial world. Its transition from an oil-dependent economy to a global innovation hub is one for the ages.