DUBAI (Reuters) – MANTRA, a blockchain platform focused on real-world assets (RWA), has signed a deal with Dubai developer DAMAC Group to tokenize assets in the Middle East worth at least $1 billion, the two firms said on Thursday.
Asset tokenization allows rights or ownership of assets, including RWA, to be converted into digital tokens on a blockchain, which can then be owned and traded online.
DAMAC, one of Dubai’s largest developers, whose assets include real estate and data centers, has been investing in data centers around the world.
On Tuesday, its president Hussain Sajwani and US President-elect Donald Trump announced that they would invest $20 billion in data centers in the United States in the coming years.
“DAMAC is always exploring new technologies to enhance our product offering. The partnership with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions,” the developer’s General Manager of Sales and Development said in a statement. , Amira Sajwani.
Its Middle East assets will be available early this year on the MANTRA chain, the two companies said.
Last year, MANTRA agreed with developer MAG Property Development to tokenize real estate assets worth a total of $500 million, starting from a residential project in Dubai, which is the tourism and business hub of the Gulf.
The UAE and the city aim to become a global hub for digital assets, including the cryptocurrency industry, and are working to attract some of the largest companies in the sector and develop virtual asset regulation.
In 2017, the Dubai Land Department launched its blockchain platform using a database to record real estate contracts, including leases and registrations, and link them to utility and telecommunications accounts.
(Reporting by Federico Maccioni, editing by Barbara Lewis)