MANTRA and DAMAC collaborate to tokenise $1 billion in Middle East
MANTRA, a blockchain platform that specialises in real-world assets (RWAs), is collaborating with Dubai’s DAMAC Group in a move to tokenise assets worth at least $1 billion in the Middle East.
Both companies announced their collaboration recently, part of a growing trend of using blockchain to digitise physical asset ownership and trading.
So, what’s asset tokenisation? It’s a process that transforms ownership rights of assets—like real estate or data centres—into digital tokens on a blockchain. Tokens can be traded online, bringing advantages to industries that rely on asset-heavy investments.
DAMAC, one of Dubai’s top developers, is known for its real estate ventures and global investments in data centres, and now, blockchain. Late last week, DAMAC’s Chairman Hussain Sajwani made headlines with US President-elect Donald Trump by announcing plans to invest $20 billion in US data centres in the next few years.
According to Amira Sajwani, DAMAC’s Managing Director of Sales & Development, the partnership is a natural progression. “DAMAC is always exploring new technologies to enhance our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions,” she said in a statement.
The two firms revealed that DAMAC’s Middle Eastern assets will be available on MANTRA’s blockchain platform early this year. This isn’t MANTRA’s first big deal in Dubai. Last year, they joined forces with MAG Property Development to tokenise $500 million worth of real estate assets, starting with a residential project in the city.
Dubai has been on a mission to become a global leader in digital assets, including the cryptocurrency industry. The UAE’s efforts to attract top-tier firms and establish robust virtual asset regulations are evident. Dubai Land Department was ahead of the curve when it launched its blockchain platform as far back as 2017, using it to digitise real estate contracts and linking them to utilities and telecom accounts. And in 2024, Dubai Customs launched a blockchain platform with the goal of reducing supply chain friction inside and outside its borders.
It’s clear that Dubai’s blockchain ambition is more than just keeping up with current trends; it’s establishing itself as a leading light in the sector.
(Image by Pixabay)
See also: Dubai Customs launches blockchain platform to bolster smart city ambition
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