Key Points
- MANTRA partners with DAMAC Group to tokenize $1 billion of Middle Eastern assets, converting ownership rights into digital tokens that can be traded online.
- DAMAC’s tokenized assets will include real estate and data centers on the MANTRA chain.
- MANTRA previously partnered with MAG Property Development to tokenize $500 million in Dubai real estate.
- Dubai Land Department has been integrating blockchain since 2017 for real estate contract management.
Blockchain platform MANTRA has announced a partnership with Dubai-based real estate developer DAMAC Group to tokenize over $1 billion worth of assets in the Middle East. This groundbreaking initiative will enable real-world assets (RWAs), such as real estate properties and data centers, to be converted into digital tokens on a blockchain, facilitating online ownership and trading.
DAMAC, a prominent name in Dubai’s real estate market, has been expanding its global footprint, particularly in data centers. On Tuesday, DAMAC Chairman Hussain Sajwani and U.S. President-elect Donald Trump revealed plans to invest $20 billion in U.S. data centers in the coming years. Amira Sajwani, DAMAC’s Managing Director of Sales and Development, highlighted the partnership as a reflection of the developer’s commitment to leveraging innovative technologies to enhance its offerings.
The assets will be tokenized on the MANTRA chain and will be available early this year. This marks DAMAC’s latest foray into blockchain technology, aligning with Dubai’s strategic vision to position itself as a global hub for digital assets, including cryptocurrencies. The city and the UAE have been actively working to attract leading blockchain and crypto firms while developing regulatory frameworks for virtual assets.
This isn’t MANTRA’s first significant collaboration in the region. Last year, the platform partnered with MAG Property Development to tokenize real estate assets worth $500 million, starting with a residential project in Dubai. The growing adoption of blockchain in the Gulf region is exemplified by initiatives like the Dubai Land Department’s 2017 launch of a blockchain platform for recording real estate contracts and linking them to utility and telecom accounts.
With this partnership, DAMAC and MANTRA aim to lead the transformation of asset management and trading in the Middle East, setting a benchmark for future collaborations between blockchain platforms and traditional industries.
