US-Based Property Technology Company Propy Enters Into A Joint Partnership With Saood Al Ghurair To Create Propy MENA Propy MENA, which is based out of Dubai, looks set to become the region's first blockchain-powered real estate solution.
By Entrepreneur Middle East Staff Edited by Aby Sam Thomas
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US-based property technology enterprise Propy has partnered with Emirati businessman Saood Al Ghurair, Vice Chairman and Chief Executive Officer of Masafi LLC, NED Properties LLC, Plan B Investments, and Massar Investments, to create Propy MENA, which, based out of Dubai, looks set to become the region's first blockchain-powered real estate solution.
Built with the vision to enable automated and self-driven real estate transactions with smart contracts, Propy is an end-to-end real estate transaction management platform that facilitates real estate transactions online. The company is known for being one of the world's leading real estate industry innovators in transaction automation using blockchain technology, having successfully minted and auctioned the first real estate non-fungible token (NFT).
Source: Propy MENA
The Propy NFT Marketplace is based on smart contracts that accept both fiat and crypto payments. A critical facet of the platform is its provision of know your customer (KYC) and anti-money-laundering (AML) protocols for each bidder (as well as the winner) in an auction so as to avoid any violation of legal frameworks. While Propy MENA's launch is subject to proposed changes in regulations approved by the Dubai Land Department, the amendments are expected to allow the company to use its technology for land and title transfers in Dubai.
Besides Saood Al Ghurair, Propy MENA will be represented in the region by Diego Maldonado, who has over 15 years of experience working with international real estate brands such as Savills, Christie's, Sotheby's, Engel & Völkers, and many others. Having seen firsthand the complexities and challenges faced by his clients when working on real estate deals is what led Maldonado to partner with and become an ambassador for Propy.
Diego Maldonado, Representative, Propy MENA. Source: Propy
Meanwhile, Saood Al Ghurair, who has always held a keen interest in technology in terms of recognizing how unique solutions drive efficiencies within his companies, believes that his partnership with Propy will be a significant disruptor in the property market. "Technology has developed at a rate that has outpaced the implementation of suitable laws and regulations," he said. "We are leading this change using the newest blockchain technology, which enable the UAE to compete with overseas markets."
