Real-world asset (RWA) tokenisation in the Gulf Cooperation Council (GCC) could unlock nearly $500billion in value by the end of the decade, according to a new report from global management consultancy Kearney and tokenisation specialist Ctrl Alt.
The research highlights a significant acceleration in the adoption of digital assets across the region, predicting that the market is moving rapidly from “concept to execution.”
From pilots to regulated markets
The report comes as the global market for on-chain RWAs (excluding stablecoins) experiences explosive growth, rising from approximately $1.1billion in 2023 to nearly $20billion by January 2026.
According to the analysis, the GCC’s tokenisation potential is currently strongest in private markets and public equities, driven by the region’s deep engagement with alternative investments and listed market activity. However, the report also identifies substantial value across bank deposits, funds, real estate, and commodities.
Elias Aad, partner at Kearney Middle East & Africa – digital & analytics practice, explained that traction is highest where the technology solves specific friction points: “In private markets, real estate, and funds, investors face illiquidity, high minimum investment thresholds, and complex servicing. Tokenization enables fractional ownership, more efficient fund structures, and streamlined onboarding and settlement.”
UAE leads the charge
The United Arab Emirates (UAE) is identified as the region’s execution leader, supported by advanced regulatory frameworks that clearly segment the digital asset landscape.
Key initiatives cited include the Dubai Land Department’s real estate tokenisation project, delivered in collaboration with Ctrl Alt, which targets AED60billion in assets by 2033.
Robert Farquhar, Chief Executive Officer, MENA at Ctrl Alt, commented: “Across the GCC, and particularly in the UAE, we are seeing a level of regulatory openness and institutional engagement that is accelerating real adoption of digital assets. Clear frameworks, proactive regulators, and a willingness to collaborate with industry are enabling tokenization to be deployed in live, regulated market environments at scale.”
Regional momentum
While the UAE leads, other GCC nations are building their own infrastructure:
- Saudi Arabia has introduced a national real estate tokenisation infrastructure initiative aligned with foreign ownership reforms.
- Bahrain continues to expand activity through a central bank-led framework.
- Qatar has launched a Digital Assets Framework and Digital Assets Lab.
- Oman is progressing with the foundations of a formal virtual-assets regulatory framework.
Jeroen Gillekens, principle at Kearney Middle East & Africa, emphasised the need for integrated systems: “Issuance, custody, settlement, and secondary trading must function as an integrated system, with digital asset capabilities embedded into core operating models. That alignment is what enables durable, institutional-grade markets.”