Around $500 billion in addressable value could be unlocked across the Gulf Cooperation Council (GCC) by 2030 through real-world asset (RWA) tokenization, according to new analysis by Kearney and Ctrl Alt.
The GCC’s opportunity comes as tokenization is rapidly shifting from concept to execution. In a fast-growing global market, on-chain RWAs (excluding stablecoins) have grown from approximately $1.1 billion in early 2023 to nearly $20 billion by January 2026.
“Tokenization is gaining traction where it addresses clear market frictions. 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,” said Elias Aad, Partner at Kearney Middle East & Africa – Digital & Analytics Practice.
Potential lies in private markets and public equities
The analysis shows that the GCC region’s strongest tokenization potential lies first 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. Each offers distinct sector benefits: from real-time settlement and more efficient fund structures to fractional property ownership and enhanced transparency in commodity trading.
Together, these asset classes underpin the GCC region’s nearly $500 billion tokenization opportunity by the end of the decade.
“We are already seeing this move into live, regulated use cases across the region, from tokenized funds and a tokenized money market fund in the Dubai International Financial Center to national real-estate tokenization infrastructure in Saudi Arabia. That practical impact is why institutions are moving beyond pilots,” Aad added.
UAE emerges as the region’s execution leader
The UAE has emerged as the GCC region’s execution leader, supported by one of the world’s most advanced and clearly segmented regulatory frameworks for digital assets.
This has enabled institutional-grade initiatives to move from pilot to scale, including the Dubai Land Department’s real estate tokenization project, delivered in collaboration with Ctrl Alt, targeting AED60 billion in assets by 2033.
Momentum is also building across the GCC, with Saudi Arabia introducing 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. Meanwhile, Oman is progressing gradually as it builds out the foundations of a formal virtual-assets regulatory framework.
“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,” said Jeroen Gillekens, Principal at Kearney Middle East & Africa – Digital & Analytics Practice.
Read: How tokenized cash enables next-gen payments
GCC enters defining phase in the evolution of its financial markets
Overall, the findings indicate that the GCC is entering a defining phase in the evolution of its financial markets. With regulatory momentum building, infrastructure maturing and early use cases demonstrating tangible value, tokenization is set to play an increasingly central role in how capital is issued, accessed and exchanged across the GCC in the years ahead.
“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. This approach is attracting global innovators and positioning the region as a hub for the next generation of capital market infrastructure,” said Robert Farquhar, CEO MENA at Ctrl Alt.
