On December 12, the Georgian government signed a memorandum of understanding with Dubai-based company PRYPCO to develop a real estate tokenization project in Georgia. The agreement was signed by Justice Minister Paata Salia and PRYPCO’s CEO, Amira Sajwani. According to the government, the project aims to attract investment into Georgia’s real estate sector, though details about the specific type of tokenization have not been publicly disclosed.
PRYPCO is a subsidiary of DAMAC, one of Dubai’s largest real estate developers. DAMAC’s 2023 financial report values its assets at $9 billion, with revenue of $2.4 billion and profit of $1.1 billion. DAMAC was founded by Hussain Sajwani, whose net worth Forbes estimates at $10.2 billion. Hussain Sajwani is also the father of PRYPCO’s CEO, Amira Sajwani. PRYPCO primarily provides services related to DAMAC properties, including mortgages, brokerage, and assistance for foreign investors to obtain UAE 10-year “Golden Visas.”
PRYPCO offers a product called PRYPCO MINT, which facilitates dividing real estate into digital tokens that can be sold fractionally. For example, a property can be split so that investors can own 1%, 0.1%, or 0.01% of it. This system provides proof of fractional ownership through tokens.
The memorandum with Georgia aims to implement similar technology locally, enabling foreign investors to purchase real estate tokens without visiting the country. The project will involve collaboration on legal and technological aspects, exploring tokenization potential and integration with public services. The Georgian government had already begun blockchain-based real estate registration in 2017 with Bitfury, but the current tokenization project focuses on fractional ownership and resale via digital tokens.
