MANTRA, a blockchain platform focused on real-world assets (RWAs), has partnered with Dubai-based DAMAC Group to tokenise assets in the Middle East valued at $1 billion, the companies Reuters reported on Thursday.
Asset tokenisation involves converting ownership rights of real-world assets into digital tokens on a blockchain, allowing them to be traded online. DAMAC, one of Dubai’s largest developers with holdings in real estate and data centres, has increased its investments in data infrastructure globally.
Earlier this week, DAMAC Chairman Hussain Sajwani, alongside US President-elect Donald Trump, announced a $20 billion investment in US data centres.
The firm’s Managing Director of Sales & Development, Amira Sajwani, stated that the partnership with MANTRA aligns with DAMAC’s focus on new technologies. The tokenised assets will be available on the MANTRA blockchain early this year.
In 2022, MANTRA also signed an agreement with MAG Property Development to tokenise $500 million worth of real estate assets, starting with a residential project in Dubai.
The UAE is positioning itself as a hub for digital assets and crypto innovation, with Dubai developing regulatory frameworks to attract leading firms in the sector. The Dubai Land Department has operated a blockchain-based platform for real estate contracts since 2017.
