MANTRA and DAMAC Group Team Up to Tokenize $1B Worth of Assets in the 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

Block platform MANTRA, specialising in real-world assets (RWAs), is teaming up with Dubai’s DAMAC Group in a move to tokenise at least $1 billion of assets across the Middle East.

The collaboration was announced by both companies recently, and forms part of a wider trend to use blockchain to digitise ownership and trading of physical assets.

But what is asset tokenisation? It’s the process of transforming an asset’s ownership rights—be it real estate or a data centre—into digital tokens on a blockchain. The tokens can then be traded online, offering benefits to asset-heavy industries.

DAMAC, a top Dubai developer, is best known for its real estate ventures and global investments in data centres, and now, blockchain. Late last week, DAMAC Chairman Hussain Sajwani made headlines together with US President-elect Donald Trump as they announced plans to invest $20 billion in US data centres over the coming years.

According to Amira Sajwani, DAMAC’s Managing Director of Sales & Development, the partnership makes sense. “DAMAC is constantly 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 have revealed that DAMAC’s Middle Eastern assets will be made available on MANTRA’s blockchain platform early this year. This isn’t MANTRA’s first major deal in Dubai. Last year, they joined forces with MAG Property Development to tokenise $500 million of real estate assets, beginning with a residential project in the city.

Dubai has been on a mission to become a world leader in digital assets, including the cryptocurrency industry. The UAE’s efforts to attract top-tier firms and establish strong virtual asset regulations are clear.

As early as 2017, the Dubai Land Department launched its blockchain platform, which it has used to digitise real estate contracts and connect them to utilities and telecom accounts. And in 2024, Dubai Customs launched a blockchain platform with the aim of reducing supply chain friction both within and beyond its borders.

It’s clear that Dubai’s blockchain ambitions extend beyond simply following the latest trends, and are instead aimed at establishing the emirate 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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