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Kaan Terzioğlu on how VEON is building digital ecosystems across frontier markets

Gulf Business spoke with Terzioğlu about VEON’s digital strategy, its move to the UAE, and the vision behind creating “digital nations”

Neesha Salian
Neesha Salian

06 August, 2025

Kaan Terzioğlu on how VEON is building digital ecosystems across frontier markets
Image courtesy: LinkedIn

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From its new headquarters in Dubai, Nasdaq-listed VEON is steering a bold transformation: from a traditional telecom operator to a digital ecosystem powerhouse.

With operations across Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan — markets home to more than 500 million people — VEON is delivering services that go far beyond connectivity.

Under CEO Kaan Terzioğlu’s leadership, the company is targeting 50 per cent of its revenue to come from non-telecom digital services within the next three years, leveraging local talent, language-first AI, and inclusive platforms to drive impact.

We spoke with Terzioğlu about VEON’s digital strategy, its move to the UAE, and the vision behind creating “digital nations”.

You moved VEON’s headquarters to Dubai last year. What was the rationale?

The move was driven by Dubai’s operational excellence, especially during the post-COVID recovery. Its global connectivity, safety, and pro-business environment made it the right fit.

By December 2024, we had officially completed the relocation. Today, VEON is the largest Nasdaq-listed company headquartered in Dubai, and we’ve successfully recruited global talent attracted to the UAE’s lifestyle and infrastructure.

VEON operates in some of the world’s most complex markets. How do you ensure business continuity and growth?

We operate in frontier markets with significant potential: Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan. These regions are underserved in areas like financial inclusion, education, and healthcare.

Our strategy is to deliver relevant, localised digital services. We maintain a unified strategic vision but empower local execution — each operating company has its own board and independent directors to ensure governance and responsiveness.

Give us more details about VEON’s financial and entertainment services, especially in markets like Pakistan, and how these contribute to financial inclusion and community progress?

In our operating countries, more than one in three people has never had a bank relationship, over 60 per cent don’t have a credit card, and over 70 per cent haven’t had a line of credit. This creates a huge opportunity for financial inclusion.

In Pakistan, our JazzCash digital wallet handles over 10 per cent of the country’s GDP transactions, reaching over 20 million people monthly from a customer base of 50 million.

We issue 141,000 loans daily. These are small loans, like $30 for a taxi driver to fix a tire or a housewife to buy flour to sell cookies. These enable communities to progress and be financially included. We will deploy financial services in all our countries, with success in Pakistan and Kazakhstan.

We have 160 million telecom customers, 40 million monthly financial services customers, and an additional 40 million consuming entertainment services.

Tamasha is Pakistan’s number one OTT platform with 22 million monthly users, and we have similar platforms like Toffee in Bangladesh and Kino in Uzbekistan.

Our philosophy is simple: our countries are data-producing, and it’s vital to process this data locally to create digital services, jobs, and taxes.

We must stop selling raw data and instead provide relevant digital services: financial services, entertainment, education, and healthcare.

Can you elaborate on your transformation into a digital ecosystem operator?

In Pakistan, through our subsidiary Jazz, we operate JazzCash, the country’s leading mobile wallet with nearly 20 million active users and over 171,000 merchant partners. It processes micro loans daily.

We also offer Tamasha, Pakistan’s leading OTT streaming platform with over 22 million monthly active users, and Garaj, our enterprise cloud and cybersecurity platform.

In Bangladesh, our brand Banglalink has launched Toffee, an ad-supported OTT platform with millions of users.

In Uzbekistan, Beeline Uzbekistan runs the Kino streaming service, while Beeline Kazakhstan offers Beeline TV and educational tools built with our in-house tech company QazCode.

In Kazakhstan, QazCode developed a Kazakh-language large language model (LLM) and an AI-powered tutoring assistant that helps school students learn, self-assess, and even earn certifications.

VEON is also active in digital healthcare. Tell us more about that.

In Ukraine, our operating company Kyivstar runs the Helsi platform, which reaches around 28 million users. It offers telemedicine, diagnostics, and medicine delivery. Especially during the crisis, it has been critical in maintaining access to healthcare.

We see platforms like Helsi as essential in redefining what a telecom company can be, delivering real-world impact beyond data and voice.

How do digital services reflect on your revenue mix?

Digital services account for around 15 per cent of our revenue today and are growing by about 1 per cent per quarter.

Our goal is to reach 50 per cent digital revenue within the next three years. We’ve built three technology development companies — QazCode in Kazakhstan, plus teams in Uzbekistan and Ukraine, which allow us to create apps and platforms in-house and at scale.

What’s your approach to AI and local-language innovation?

Global AI platforms often overlook languages like Kazakh, Uzbek, or Bangla. That’s where we step in.

In Kazakhstan, QazCode developed a Kazakh-language large language model (LLM) and an AI-powered tutoring assistant that helps school students learn, self-assess, and even earn certifications.

We’re pushing for digital sovereignty — tools built by locals, for locals.

Are you eyeing expansion into new markets?

Yes, in two ways. First, we want to serve our diaspora. Millions of Pakistanis and Bangladeshis live in the GCC, the UK, and beyond — these are future users of our digital finance or healthcare services.

Second, we see potential in markets like Iraq and Syria, where we would consider expansion when regulatory clarity and stability improve.

What are the leadership values that drive VEON and your personal philosophy?

Everything we do is rooted in purpose and clarity. Purpose means using our platform to improve lives, be it enabling a small loan, delivering a medical consultation, or helping students learn.

Clarity means being decisive, especially in complex environments. Combined, these principles ensure our teams stay focused and ethical while delivering at scale.

Investors are rushing to Dubai: Here’s why you shouldn’t wait

Initiatives such as the Golden Visa and the 10-year investor visa have bolstered buyer confidence by offering long-term security

Nida Sohail
Nida Sohail

06 August, 2025

Investors are rushing to Dubai: Here’s why you shouldn’t wait
Image credit: Cavendish and Maxwell/Supplied

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Dubai’s real estate market has recorded a blockbuster first half of 2025, with the latest statistics from the Dubai Land Department (DLD) revealing that the city attracted approximately 94,700 investors, a robust 26 per cent increase compared to the same period in 2024.

Of these, nearly 59,000 were first-time investors, representing a 22 per cent year-on-year rise. UAE residents made up 45 per cent of the new investors, a figure that underlines the strong domestic confidence in the sector.

Image credit: Cavendish and Maxwell/Supplied

Residential transactions soar in value

This influx of investors fuelled a notable rise in residential property activity. The sector registered 91,900 transactions amounting to Dhs 262.1 billion, marking a 22.9 per cent increase in volume and an impressive 36.4 per cent rise in transaction value compared to the first half of 2024.

Read-Dubai’s commercial property boom: Areas you should be investing in

While there was a marginal 2.4 per cent dip in transaction volumes when compared with the second half of 2024, mainly due to a slower first quarter, the market showed a strong rebound in Q2, powered by solid demand from both local and international investors, as well as genuine end-users seeking long-term assets.

Alongside this transaction growth, supply has also picked up pace.

Approximately 17,200 residential units were completed in the first six months of 2025, with 42.4 per cent of these concentrated in key neighbourhoods such as Jumeirah Village Circle, Sobha Hartland, and Mohammed Bin Rashid City.

Looking forward, the market continues to anticipate substantial development. Over 61,800 units are under construction and slated for delivery before year-end. However, only 21 per cent of these projects have reached 75 per cent or more in construction progress, suggesting that delivery timelines may be at risk, according to Cavendish & Maxwell’s latest Dubai Residential Market Performance report.

Image credit: Cavendish and Maxwell/Supplied

Market leaders: Top developers by sales volume

The dominance of major players like Emaar, DAMAC Properties, and Sobha Group remained evident in H1 2025. Emaar maintained strong sales, particularly in The Valley and Emaar South. DAMAC Properties recorded significant volumes from its DAMAC Islands and DAMAC Hills 2 developments. Meanwhile, Sobha Group experienced consistent demand for Sobha Solis and Sobha Orbis in Motor City.

Emerging developers also made their presence felt. Binghatti and Danube Properties retained strong positions among the top players, while new entrant Beyond debuted in the top 10. Its projects in Dubai Maritime City captured growing buyer interest, highlighting the diversification in developer landscape and buyer preferences.

These shifts indicate that buyers are increasingly looking for high-quality, competitively priced properties with flexible payment structures — and developers delivering on these fronts are gaining traction.

Image credit: Cavendish and Maxwell/Supplied

Dubai’s global standing a key driver

Dubai’s strategic global positioning and progressive visa policies have played a pivotal role in converting international interest into investment.

Initiatives such as the Golden Visa and the 10-year investor visa have bolstered buyer confidence by offering long-term security, lifestyle access, and freedom to conduct business.

“This combination of lifestyle and legal certainty has been a game-changer,” said Daniel Hadi, CEO of Engel & Völkers Middle East. “It has significantly expanded our international client base and converted leads into serious, long-term investors.”

Amid global economic volatility, Dubai has emerged as a “safe haven” for capital. The city’s economic fundamentals, including its regulatory transparency, the Dhs-USD peg, and zero income tax policy, provide a stable and lucrative investment environment.

High-net-worth individuals (HNWIs) are increasingly directing funds into Dubai’s real estate sector, drawn by its low-risk, high-return proposition. “There’s growing confidence among our HNWI clients that Dubai offers a stable and rewarding market, especially in uncertain global times,” Hadi added.

Freehold vs. leasehold: Strategic decisions

Investors in Dubai continue to weigh the benefits of freehold versus leasehold ownership. Freehold properties offer full ownership rights, including the ability to resell, lease, or pass properties on to heirs, making them attractive to long-term investors.

Leasehold options, on the other hand, usually come with lower upfront costs and can still offer strong returns for those with short- to mid-term investment goals. Investment consultants are increasingly tailoring recommendations based on individual investment timelines.

Upcoming mega-developments and masterplans are reshaping Dubai’s urban fabric. Projects in areas such as Al Jaddaf, Dubai Islands, and various waterfront zones are attracting investor attention, thanks to their integration of lifestyle, wellness, and tech infrastructure.

“These developments are not just real estate projects; they’re future-proofed ecosystems,” said Hadi. “Early investors often see significant capital appreciation as these communities grow and infrastructure matures.”

Infrastructure mega projects to boost demand

Infrastructure plays a critical role in sustaining real estate momentum. Major projects like the Dubai Loop and the Etihad Rail network are opening up new development corridors and boosting demand in emerging zones.

“With improved connectivity on the horizon, we expect renewed interest from both end-users and investors. These projects are significant value drivers and will play a big role in shaping the next phase of Dubai’s property landscape,” Hadi concluded.

UAE earthquake: 2.0 magnitude tremor strikes Khor Fakkan

The country remains under the influence of a weak surface low-pressure system extending from the east, accompanied by an upper air trough

Nida Sohail
Nida Sohail

06 August, 2025

UAE earthquake: 2.0 magnitude tremor strikes Khor Fakkan
Image credit: Getty Images

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A 2.0 magnitude earthquake was recorded in Khor Fakkan at 20:35 (UAE time) on Tuesday, August 5, 2025, according to the National Seismic Network of the National Centre of Meteorology (NCM).

As far as the weather conditions in the country is concerned, as the UAE steps deeper into August, the National Center of Meteorology (NCM) has released its five-day weather forecast, offering a glimpse into the atmospheric shifts expected from Wednesday, August 6 to Sunday, August 10, 2025, a WAM report said.

Read-UAE’s summer nears its end: Relief from extreme heat soon

The country remains under the influence of a weak surface low-pressure system extending from the east, accompanied by an upper air trough. This setup is expected to bring a mix of clear skies, cloud build-ups, and localised rain, alongside the more familiar summer heat and dusty breezes.

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The NCM also issued an alert on Tuesday, August 5, advising precautions during strong convective cloud activity associated with rainfall and strong winds over some eastern areas. Loose objects and weak structures may pose hazards due to strong winds and reduced visibility. Residents are advised to avoid areas with accumulated rain.

Hazy and hot midweek start

Wednesday, August 6, kicks off with generally fair to partly cloudy skies.

As the afternoon approaches, there’s a chance for convective cloud development, especially over eastern regions, potentially triggering brief showers.

Daytime winds, southeasterly to northeasterly, will be light to moderate, occasionally picking up speed and stirring blowing dust, particularly in inland and open areas. Wind gusts could reach up to 40 km/h, making for hazy conditions at times. On the coast and over the islands, wind speeds are expected to peak at 35 km/h.

Despite the atmospheric instability, sea conditions will remain slight, both in the Arabian Gulf and the Oman Sea.

Temperature-wise, it’s shaping up to be another scorcher. Inland regions could see highs nearing 49°C, with humidity dipping as low as 10 per cent.

Coastal and island areas will be slightly milder, ranging between 40°C to 45°C, though with higher humidity levels of up to 90 per cent. Mountain areas will offer some respite, with temperatures topping out around 39°C, coupled with moderate humidity.

Shifting skies and afternoon surprises

The days that follow carry a familiar rhythm, but with subtle daily shifts.

On Thursday and Friday, skies will remain fair to partly cloudy, with increased chances of convective cloud formation over the eastern and southern parts of the country. Afternoon rain showers are likely in these areas, providing brief but welcome relief from the intense heat.

Winds during these days will continue to blow from the southeast to northeast, ranging from 10–25 km/hr, but occasionally picking up to 40 km/h, especially during the hottest parts of the day. This may stir dust and sand, reducing visibility in some locations.

Sea conditions are expected to remain slight, offering safe navigation for coastal activities.

Weekend outlook: Cloud cover and light breezes

Heading into the weekend, Saturday and Sunday promise similar weather patterns, with skies remaining mostly clear to partly cloudy. There’s a continued possibility of convective clouds forming in the east by the afternoon, with chances of isolated rainfall persisting.

Winds will maintain their southeasterly to northeasterly direction, peaking around 35–40 km/hr, enough to stir up occasional dust without significantly affecting daily life. The sea remains slight, ensuring relatively calm waters for maritime activities.

What to expect and prepare for

While much of the UAE will experience typical summer heat, residents in eastern and southern areas should be on the lookout for sudden weather changes, especially in the afternoons. Scattered rain, even if brief, may affect driving conditions or outdoor plans.

Dusty winds may also reduce visibility during peak hours, particularly in open desert regions. It’s advisable to take necessary precautions if traveling during the hotter parts of the day.

The NCM continues to monitor the conditions closely and urges residents to stay informed through official updates, especially when planning outdoor or marine activities.

How AIR’s founder is building the future of real estate tech

Milad Monshipour’s AIR platform is using Dubai as a launchpad to build AI-native property journeys that eliminate inefficiency and friction

Rajiv Pillai
Rajiv Pillai

06 August, 2025

How AIR’s founder is building the future of real estate tech
Milad Monshipour, the founder and CEO of AIR/Image: Supplied

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Milad Monshipour, the founder and CEO of AIR (AI Realtor), is no stranger to disrupting established sectors. After leading mobility app TAPSI to a historic IPO, he has now set his sights on real estate. With AIR, he is introducing an AI-native brokerage model, designed not just to digitalise, but to fundamentally restructure how property transactions work in one of the world’s most dynamic real estate markets: Dubai.

“Unlike surface-level system integrations that merely layer AI-based features onto traditional systems, AIR is AI-native,” says Monshipour. “It has been designed from the ground up to employ artificial intelligence as the core engine driving the entire property journey.”

AIR comprises three proprietary tools—AIR Brain, AIR Match, and AIR Value—that guide the user journey, from discovery to closing, using Dubai-specific data sets. “AIR was trained specifically on Dubai’s real estate data with advanced algorithms, enabling a level of localisation and precision unmatched by generic global tools,” he adds.

Fixing a fragmented market

Monshipour believes real estate is the Middle East’s next big tech disruption—not fintech, not mobility. The reason is clear: property transactions across the region remain opaque, heavily manual, and fragmented. “AIR aims to fix this by streamlining discovery, automating admin-heavy tasks, and providing real-time information to both buyers and agents,” he says.

Dubai’s market conditions make it ripe for this transformation. It is highly digital, fast-growing, and backed by clear regulations and data transparency. Yet the industry still depends heavily on brokers navigating inconsistent, time-consuming workflows. “In a dynamic and fast-growing market like Dubai, it is the right time to rethink how real estate operates and to give buyers and brokers a smarter, faster, and more transparent experience.”

Built inside-out, not adapted top-down

Monshipour argues that startups in the region must build with local DNA. “In markets like the UAE, and Dubai in particular, the nuances are too complex for imported models to succeed without significant adaptation,” he says. “Dubai is, in many ways, ahead of the curve globally, with advanced regulation, data transparency, seamless digital processes, and a property market that far exceeds its population size in scale and dynamism.”

AIR’s foundation reflects that philosophy. “Our data models are trained exclusively on Dubai-specific datasets, making the platform naturally attuned to local demand, legal frameworks, and customer behaviour.”

That grounding in local insight doesn’t mean AIR lacks global ambition. The startup plans to expand to other markets, but only after proving itself in Dubai. “Our first focus is to perfect the Dubai model within 6–9 months,” he says. “From there, we see strong parallels in other high-growth, high-transparency real estate markets within the GCC region, and regulatory advanced markets—Australia and the UK.”

Not replacing brokers—empowering them

Unlike narratives around AI eliminating jobs, AIR is positioning itself as a broker-enablement platform. “AIR is designed not to replace brokers, but to supercharge them,” says Monshipour. “Our AI assumes control for tasks that machines can do best… so that agents can focus on where they deliver the most value: negotiations, personalised advice, and human connection.”

He explains how AIR dynamically adjusts its involvement. “The system steps back when a human touch is needed and steps in when efficiency is paramount.”

A smarter customer journey

AIR isn’t just about flashy tech. Its tools are built for utility. AIR Brain tracks user preferences from the first point of contact. AIR Match recommends listings in real time, and AIR Assistant manages follow-ups, CRM inputs, and even viewing schedules. Meanwhile, AIR Value helps agents negotiate with real-time pricing logic.

“All this happens in the background, ensuring a seamless experience journey for the client, while the agent stays focused on relationship building and strategy,” he says.

Consumers, Monshipour notes, are rarely resistant to such innovation. “They’re actively craving better experiences and are quick to recognise when a product like AIR delivers that.”

Lessons from TAPSI

As a second-time founder, Monshipour has approached AIR with a refined playbook. “At AIR, we’re building with global scalability in mind and not limiting ourselves to traditional growth trajectories—speed and ambition matter,” he says.

“Another key shift is rethinking conventional approaches. The real estate industry is full of legacy practices, and we’re intentionally challenging those by leveraging technology in new ways.”

He’s also more deliberate about team building. “I know that having top-tier talent from the outset can significantly accelerate execution and innovation.”

Enabling a new infrastructure layer

Monshipour is clear that AIR isn’t aiming to become just another listing platform or brokerage. “We’re not just building a unicorn; we’re reimagining the entire real estate ecosystem,” he says.

“Agents will remain essential, but their roles will evolve and be significantly augmented by AI. A few high-performing, tech-enabled firms will emerge as dominant players, delivering consistent, transparent, and superior customer service, often at lower costs.”

He envisions a future where listing platforms and brokerages blur, and AIR operates as the connective tissue powering both. “That’s where the real disruption lies… becoming a unicorn is simply the starting point.”

Why Dubai?

For AIR, Dubai isn’t just a launchpad—it’s the ideal testbed. “The real estate market is large, fast-moving, and supported by some of the most advanced regulations anywhere in the world,” Monshipour says.

Read: Dubai PropTech Hub launches at DIFC Innovation Hub

He also credits the UAE’s investment climate and growing appetite for tech talent. “From an investment perspective, the success of companies like Souq, Careem, Noon, and more recently, Tabby and Huspy, has shifted investor confidence towards tech ventures.”

AIR hopes to play a role in attracting top-tier AI talent to the UAE. “Our current team reflects that ambition, and we expect this trend to accelerate as the ecosystem continues to evolve.”

IHC posts Dhs10.8bn H1 profit on robust revenues, strategic bets pay off

IHC said it is well-positioned to benefit from emerging market opportunities, supported by a growing international footprint, long-term capital strategy, and operational resilience

Gulf
Gulf

06 August, 2025

IHC posts Dhs10.8bn H1 profit on robust revenues, strategic bets pay off
Image: IHC/ X

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Abu Dhabi’s International Holding Company (IHC) reported a 31.1 per cent rise in revenue for H1 2025, reaching Dhs54.7bn, with net profit climbing to Dhs10.8bn, driven by strong portfolio performance, disciplined investments, and a standout second quarter.

The second quarter was among the group’s strongest, with revenue up 22.5 per cent year-on-year to Dhs27.5bn and net profit rising 55.3 per cent to Dhs6.7bn.

“Our H1 2025 results reflect the continued strength of IHC’s diversified model and the disciplined execution of our strategic investment agenda,” said Syed Basar Shueb, CEO of IHC. “By delivering outstanding portfolio performance and enhancing operating leverage, we are unlocking value across sectors while deepening our impact across regional and international markets.”

Key segments such as real estate, marine and dredging, hospitality and leisure, and financial services led topline and margin growth.

Real estate and construction contributed Dhs22.6bn in revenue, up 47.8 per cent year-on-year and accounting for over 41 per cent of the group’s topline.

Marine and dredging posted Dhs14.1bn, rising 10.8 per cent, while hospitality and leisure saw revenue jump 72 per cent to Dhs4.9bn. Financial services and energy also posted solid growth, rising 21.4 per cent and 161.3 per cent respectively.

Earnings per share stood at Dhs2.49, with return on equity at 10.8 per cent.

Total assets climbed to Dhs436.9bn, up 8.7 per cent from the end of 2024.

IHC’s strategic activity included the launch of Gridora, a national infrastructure platform formed with ADQ and Modon, and RIQ, an ADGM-based global reinsurance platform developed in partnership with BlackRock and Lunate.

Read: IHC, RIQ form 10-year alliance, positions Abu Dhabi as key reinsurance hub

The group also collaborated with ADQ and First Abu Dhabi Bank on a UAE dirham-backed stablecoin, and led its subsidiaries to the 2025 World Economic Forum in Davos.

Looking ahead, IHC said it is well-positioned to benefit from emerging market opportunities, supported by a growing international footprint, long-term capital strategy, and operational resilience.

IHC H1 2025 highlights

  • Multiply Group acquired a 67.91 per cent stake in European fashion retailer Tendam.

  • Reem Finance stake acquisition (69.33 per cent) to expand financial services presence.

  • eFunder rebranded to Zelo, offering digital-first invoice financing for SMEs.

  • Dirham-backed stablecoin project with FAB and ADQ to promote blockchain innovation.

  • Modon entered UK real estate via a 50 per cent joint venture in London’s 2 Finsbury Avenue.

  • Al Ain Farms acquired Al Jazira Poultry Farm for Dhs255m.

  • Aldar expanded logistics footprint with Dhs530m ALMARKAZ acquisition.

  • NMDC Group acquired 70 per cent of Emdad, adding recurring oilfield service revenue.

  • Esyasoft bought UK-based Good Energy in a Dhs53m renewable tech push.

  • PureHealth acquired a 60 per cent stake in Hellenic Healthcare Group for $2.3bn.

IHC said it will continue to “connect innovative businesses with long-term capital and operational excellence”, aiming to deliver scalable value while playing an active role in shaping the economic ecosystems of tomorrow.

Qatar weighs in on global tokenisation rules with new policy report

The Qatar Financial Centre (QFC) has unveiled a new report outlining the regulatory and infrastructure priorities needed to unlock the potential of tokenising real‑world assets

Gareth van Zyl
Gareth van Zyl

05 August, 2025

Qatar weighs in on global tokenisation rules with new policy report
Henk J. Hoogendoorn, QFC’s chief financial sector officer. (Image: Supplied)

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Qatar is setting its sights on becoming a key player in global tokenisation frameworks as the market heads towards a potential $16tn by 2030.

The Qatar Financial Centre (QFC) has unveiled a new report, produced with Global Stratalogues and the Global Blockchain Business Council (GBBC), outlining the regulatory and infrastructure priorities needed to unlock the potential of tokenising real‑world assets.

The projection for a $16tn market comes from Boston Consulting Group and ADDX, which estimate tokenisation could represent around 10 per cent of global GDP by the end of the decade.

Drawing on insights from the inaugural Digital Assets Policy Roundtable held in Doha alongside the Qatar Economic Forum earlier this year, the report, entitled From Regulation to Realisation: Shaping the Future of Digital Assets, captures consensus among regulators, financial executives and industry experts from across multiple jurisdictions.

The findings highlight five priorities: align cross‑border regulations, invest in core infrastructure, embed financial inclusion, coordinate AI‑blockchain governance and establish public‑private “tokenisation labs” to validate real‑world use cases.

“Tokenisation can unlock real value by making assets more accessible and easier to transfer,” said Yousuf Mohamed Al‑Jaida, CEO of the QFC.

“To realise this potential, we need a clear system that combines robust regulation, secure custody and practical application. This will create a trusted environment that enables institutional adoption and drives sustainable market growth.”

Pragmatism before perfection

The report urges a measured, infrastructure‑first approach to tokenisation.

“Tokenisation must serve a purpose,” said Henk J. Hoogendoorn, QFC’s chief financial sector officer.

“It should democratise access and create real‑world value. Qatar is committed to making tokenisation of real‑world assets a success.”

Maha Al‑Saadi, head of regulatory Affairs at QFC and moderator of the roundtable, added: “Regulatory clarity is not a luxury, it is a prerequisite for scalable tokenisation. Our goal is to bridge global standards with local implementation to ensure digital assets can operate within a trusted and secure environment.”

Speakers at the Inaugural Digital Assets Policy Roundtable hosted by Qatar Financial Centre alongside Qatar Economic Forum. From Left: Patrick Tan (HELIX), Zane Suren (Zodia Custody), Shaun Swan (QFCRA), Mohammel Al-MXXX) Heinz Konzett (Lichtenstein), Henk J. Hoogendoorn (QFC), Arjun Vir Singh (ADL), Saloi Benbaha (XDC Network), Giovanni Everduin (CBI), Sandra Ro (GBBC), Jorge Carrassco (FTI), Tanvi Singh (GBBC), Michal Gromek (Global Coalition to Fight Financial Crime), Maha Al-Saadi (QFC), Oscar Wendel (Global Stratalogues), Bashir Kazour (Taurus).
Speakers at the Inaugural Digital Assets Policy Roundtable hosted by Qatar Financial Centre alongside Qatar Economic Forum. From Left: Patrick Tan (HELIX), Zane Suren (Zodia Custody), Shaun Swan (QFCRA), Mohammel Al-MXXX) Heinz Konzett (Lichtenstein), Henk J. Hoogendoorn (QFC), Arjun Vir Singh (ADL), Saloi Benbaha (XDC Network), Giovanni Everduin (CBI), Sandra Ro (GBBC), Jorge Carrassco (FTI), Tanvi Singh (GBBC), Michal Gromek (Global Coalition to Fight Financial Crime), Maha Al-Saadi (QFC), Oscar Wendel (Global Stratalogues), Bashir Kazour (Taurus).

Co‑author of the report and founder of Global Stratalogues, Oscar Wendel, said: “This report distils the collective intelligence of global thought leaders, financial experts and regulators. It is designed to help lay the policy foundations for inclusive and interoperable digital asset markets worldwide.”

Oscar Wendel, Founder & Chairman, Global Stratalogues and co-author of the report, closes the Inaugural Policy Roundtable in Doha.

Regional momentum

The Gulf is emerging as a testbed for tokenisation innovation.

In Dubai, the Virtual Assets Regulatory Authority (VARA) has introduced a regulated framework for asset‑referenced virtual assets, enabling tokenised real estate offerings. One recent example saw Prypco Mint sell out a Dh1.75 mn tokenised villa in under five minutes. The home was tokenized by 169 investors from 40 nationalities, with an average investment size of Dh10,355.

In January, Dubai‑based DAMAC Group signed a $1bn deal with blockchain platform MANTRA to tokenise real estate projects. Both initiatives reflect a broader shift in the region towards regulated, institution‑ready tokenisation models.

The QFC’s report, available online, positions Qatar to lead regional efforts in setting digital asset standards.

With a focus on clear rules, strong infrastructure and inclusion, Doha is making a play to turn tokenisation’s promise into a lasting pillar of Gulf and global finance.

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