Dubai developer DAMAC has signed a $1 billion deal with blockchain platform MANTRA

DUBAI (Reuters) – Mantra, a blockchain platform focused on real-world assets (RWAs), has signed an agreement with Dubai developer DAMAC Group to tokenize at least $1 billion worth of assets in the Middle East, the two firms said on Thursday.

Asset tokenization allows property rights or ownership, including RWAs, to be converted into digital tokens on the blockchain, which can then be traded online for ownership.

One of Dubai’s largest developers, DAMAC has been investing in real estate properties and data centers around the world.

On Tuesday, Chairman Hussain Sajvani and US President-elect Donald Trump announced that they would invest $20 billion in US data centers in the coming years.

“DAMAC is always exploring new technologies to enhance our product offering. Partnering with MANTRA is a natural extension of our commitment to innovative and forward-thinking solutions,” Amira Sajavani, the developer’s managing director of sales and development, said in a statement.

The two companies said that the properties in the Middle East will be on the MANTRA chain early this year.

Last year, MANTRA agreed with developer MAG Property Development to develop a total of $500 million worth of real estate assets, starting with a residential project in Dubai, the Gulf’s tourism and business hub.

The UAE and the city aim to become a global hub for digital assets, including the crypto industry, and are working to attract the largest companies in the sector and develop virtual asset control.

In the year In 2017, the Dubai Land Department began using a blockchain platform as a database to record real estate contracts, including leases and registrations, and linking them to utility and telecom accounts.

(Reporting by Federico Macchioni, Editing by Barbara Lewis)