DUBAI (Reuters) – MANTRA, a blockchain platform specializing in real-world assets (RWAs), has announced a strategic partnership with Dubai-based developer DAMAC Group to tokenize assets valued at over $1 billion in the Middle East. The agreement was unveiled on Thursday, marking a significant step in the integration of blockchain technology into the region’s asset management landscape.
Revolutionizing Asset Ownership Through Tokenization
Asset tokenization enables the digital representation of ownership rights to physical or tangible assets. These rights are converted into blockchain-based tokens, which can be securely owned and traded online. By leveraging this technology, MANTRA and DAMAC aim to redefine the way assets, including real estate properties and data centers, are bought, sold, and managed.
DAMAC, one of Dubai’s leading property developers, has a diverse portfolio spanning luxury real estate and cutting-edge data centers. The group has been actively investing in data center infrastructure across the globe, further reinforcing its position as a leader in technology-driven solutions.
A Commitment to Innovation
Amira Sajwani, Managing Director of Sales and Development at DAMAC, emphasized the company’s dedication to innovation. “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 stated.
The partnership will see DAMAC’s Middle Eastern assets available on the MANTRA blockchain as early as this year. This move aligns with DAMAC’s ongoing efforts to integrate advanced technologies into its operations and enhance customer experiences.
Global Expansion and Future Prospects
DAMAC’s ambitious plans extend beyond the Middle East. On Tuesday, Chairman Hussain Sajwani announced a $20 billion investment in U.S. data centers, in collaboration with U.S. President-elect Donald Trump. This underscores DAMAC’s focus on diversifying its portfolio and embracing new markets.
MANTRA has previously demonstrated its expertise in asset tokenization through its partnership with MAG Property Development. Last year, the two entities embarked on a project to tokenize $500 million worth of real estate, beginning with a residential development in Dubai.
Dubai’s Role as a Digital Asset Hub
Dubai and the broader United Arab Emirates are positioning themselves as global leaders in digital asset adoption. The emirate has attracted major players in the crypto and blockchain sectors, backed by its progressive regulatory framework for virtual assets.
In 2017, the Dubai Land Department launched a blockchain platform to streamline real estate processes. The platform integrates real estate contract management with utility and telecom account linkage, setting a benchmark for technological innovation in property management.
Shaping the Future of Asset Management
The partnership between MANTRA and DAMAC represents a significant milestone in the evolution of blockchain applications in the Middle East. With tokenized assets expected to redefine ownership and investment opportunities, Dubai continues to lead the charge in integrating technology with traditional industries.
