Real-world asset tokenization a $500 billion market opportunity for the GCC

The global trend of real-world asset tokenization could be a major economic impetus for the Gulf Cooperation Council, with nearly $500 billion in addressable value potentially unlockable by 2030. That is according to a new report from Kearney and Ctrl Alt.

Real-world asset (RWA) tokenization is the process of converting ownership rights in physical or traditional financial assets into digital tokens on a blockchain. This technology can, according to experts around the world, redefine the way assets are owned, exchanged and transacted.

Through real-world asset tokenization, assets can be stored on the blockchain, which is more efficient than current systems. Additionally, real-world asset tokenization allows assets to be represented, traded and managed in smaller, more accessible units, opening up major new investment avenues, particularly for high-value assets such as infrastructure, natural resources or housing.

In their new report, Kearney (a leading global strategy consulting firm) and Ctrl Alt (a provider of tokenization solutions) explore what the technology could mean for the Gulf Cooperation Council (GCC) at a macro level. Their main conclusion: the GCC stands to gain significantly and is well positioned to capitalize on this opportunity.

“Today, everything from stocks and bonds to real estate, commodities, and intellectual property can be tokenized, distributed, and traded in ways that traditional systems were never able to support via secure, transparent, hyper-connected platforms. This benefits just about every participant who touches an asset-including investors, exchanges, financial institutions, and regulators and addresses some of the most persistent challenges in asset markets,” stated the authors.

Placing the opportunity into perspective – the analysis estimates the global market for real-world asset tokenization (excluding stablecoins) at nearly $20 billion. By comparison, in early 2023 the market was valued at just $1.1 billion. In the coming years, the market is expected to continue its growth trajectory.

GCC’s opportunity: $500 billion

In the GCC, the market opportunity for real-world asset tokenization is estimated at nearly $500 billion by the end of the decade. The strongest tokenization potential lies in private markets and public equities, reflecting the region’s deep participation in alternative investments and sizable listed market activity. Tokenization in these asset classes can expand investor access, enhance liquidity and modernize investor engagement across the region’s capital markets.

Beyond equities and private assets, significant value can be unlocked across bank deposits, funds, real estate, and commodities.

“Tokenization is gaining traction where it addresses clear market frictions,” said Elias Aad, Partner at Kearney. “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.”

The momentum is building

The opportunity on the horizon has already caught the attention of many, and that momentum is building, Kearney and Ctrl Alt highlight in their report.

Supported by one of the world’s most advanced regulatory frameworks for digital assets, the United Arab Emirates is at the forefront of progress. Several tokenized funds have launched in the state, financial institutions have moved their initiatives from pilot to scale, while the Dubai Land Department has launched a flagship real estate tokenization project that targets AED 60 billion in assets by 2033.

Saudi Arabia meanwhile has introduced a national real estate tokenization infrastructure initiative aligned with upcoming foreign ownership reforms. Bahrain continues to expand regulated digital asset activity through a central bank-led framework, while Qatar has launched a Digital Assets Framework and Digital Assets Lab to support early-stage innovation. Oman is progressing gradually as it builds out the foundations of a formal virtual-assets regulatory framework.

“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,” said Robert Farquhar, Chief Executive Officer, MENA at Ctrl Alt.

“Clear frameworks, proactive regulators, and a willingness to collaborate with industry are enabling tokenization to be deployed in live, regulated market environments at scale. This approach is attracting global innovators and positioning the region as a hub for the next generation of capital market infrastructure.”

Jeroen Gillekens, Principal at Kearney, said that the market outlook and the GCC’s progress suggest the region is entering a defining phase in the evolution of its real-world asset tokenization landscape.

“Tokenization will scale where market infrastructure and regulation evolve in step. 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.”