MANTRA Partners with DAMAC Group to Tokenize $1 Billion in Assets in the Middle East
MANTRA, a blockchain platform specializing in real-world assets (RWAs), has entered a groundbreaking agreement with Dubai-based developer DAMAC Group. The collaboration aims to tokenize assets in the Middle East valued at a minimum of $1 billion, according to a joint announcement by the two companies.
Asset tokenization involves converting ownership or rights to physical assets, such as RWAs, into digital tokens that reside on a blockchain. These tokens can then be traded and owned in a secure online environment.
“DAMAC is continuously embracing innovative technologies to elevate our offerings. Our partnership with MANTRA reflects our commitment to adopting forward-thinking solutions and staying at the forefront of industry advancements,” said Amira Sajwani, Managing Director of Sales & Development at DAMAC, as reported in a press release.
The tokenized assets in the Middle East are set to become available on the MANTRA chain in the early part of this year, the companies confirmed.
DAMAC is recognized as one of the largest developers in Dubai, boasting a portfolio that spans real estate properties and global data centers. The company has been heavily investing in data center infrastructure across various international markets.
Recently, Chairman Hussain Sajwani revealed plans, alongside US President-elect Donald Trump, to allocate $20 billion toward data center investments in the United States over the coming years.
In a similar move last year, MANTRA joined forces with MAG Property Development to tokenize real estate projects valued at $500 million, starting with a residential project located in Dubai, a hub for tourism and business in the Gulf region.
The UAE is actively working toward establishing itself as a global leader in digital asset adoption, including blockchain and cryptocurrencies. This effort involves attracting top companies in the industry while creating comprehensive regulations for virtual assets.
Notably, in 2017, the Dubai Land Department launched a blockchain platform to streamline real estate transactions. This platform integrates real estate contract data, including leases and registrations, with utility and telecom accounts, offering a seamless and efficient system for property management.
