DUBAI (Reuters) – In a significant move for the blockchain world, MANTRA, a platform specializing in real-world asset (RWA) tokenization, has inked a notable agreement with Dubai’s leading developer, the DAMAC Group. This collaboration aims to tokenize assets in the Middle East valued at a minimum of $1 billion, as revealed by both organizations on Thursday.
So, what exactly is asset tokenization? It’s a process where the ownership or rights to assets, like RWAs, are transformed into digital tokens using blockchain technology, allowing these assets to be owned and traded online with ease.
DAMAC, recognized as one of Dubai’s major developers, has been growing its portfolio beyond just real estate and data centers. Recently, the company has been making headlines with extensive investments in data centers globally.
Adding to the buzz, Tuesday saw an exciting announcement from DAMAC’s Chairman, Hussain Sajwani, alongside U.S. President-elect Donald Trump. They disclosed a massive $20 billion investment plan to boost data centers in the U.S. over the next few years.
“We’re always on the lookout for cutting-edge technologies to improve our offerings. Partnering with MANTRA is just a natural step in our journey towards innovation and delivering forward-thinking solutions,” remarked Amira Sajwani, DAMAC’s Managing Director of Sales & Development, in an official statement.
The transition of DAMAC’s Middle Eastern assets to the MANTRA blockchain is set to begin early this year, offering new opportunities for digital investors and enthusiasts.
Just last year, MANTRA forged a similar path by partnering with developer MAG Property Development to tokenize real estate assets that sum up to $500 million. This venture kicked off with a residential initiative in Dubai, the vibrant hub for tourism and business activities in the Gulf region.
Striving to position itself as a global leader in the burgeoning digital asset ecosystem, the United Arab Emirates, along with the city of Dubai, are actively working to attract industry giants while shaping a robust regulatory framework for virtual assets.
Notably, back in 2017, the Dubai Land Department pioneered the launch of a blockchain platform designed to keep track of real estate contracts. This system integrated lease agreements and registrations, linking them seamlessly to utility and telecom accounts.
(Reported by Federico Maccioni and edited by Barbara Lewis)
