Dubai’s DAMAC Partners with MANTRA in $1 Billion Blockchain Deal

22 Jan, 2025

Dubai developer DAMAC Group has partnered with blockchain platform MANTRA to tokenize assets in the Middle East worth over $1 billion. Asset tokenization allows ownership rights of real-world assets (RWAs) to be converted into digital tokens on a blockchain, enabling online ownership and trade.

DAMAC, one of Dubai's leading developers, has a diverse portfolio, including real estate properties and data centers, with investments in data center projects worldwide. Recently, DAMAC announced plans with U.S. President-elect Donald Trump to invest $20 billion in U.S. data centers in the coming years, showcasing its commitment to global expansion.

This partnership with MANTRA aligns with DAMAC's focus on innovation and leveraging cutting-edge technologies. According to Amira Sajwani, DAMAC’s Managing Director of Sales & Development, this collaboration is a natural step toward enhancing their offerings through forward-thinking solutions. MANTRA will tokenize DAMAC’s Middle Eastern assets on its blockchain, with availability expected early this year.

MANTRA has previously collaborated with MAG Property Development to tokenize $500 million worth of real estate assets, beginning with a residential project in Dubai. This demonstrates the growing adoption of blockchain in the Gulf region's real estate sector, which aims to revolutionize asset management and ownership.

The UAE, particularly Dubai, is positioning itself as a global hub for digital assets and the crypto industry. The city is actively attracting leading firms in the sector while developing comprehensive regulations for virtual assets. Dubai has already demonstrated its commitment to blockchain with initiatives such as the 2017 launch of the Dubai Land Department's blockchain platform, designed to streamline real estate transactions by linking contracts to utility and telecom accounts.

This partnership highlights Dubai's progressive approach to integrating blockchain technology into key industries, reinforcing its position as a leader in digital innovation.

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