DAMAC and MANTRA partner in $1 billion blockchain deal
Dubai’s DAMAC Group teams up with MANTRA for digital asset innovation.
MANTRA has partnered with Dubai developer DAMAC Group in a $1 billion deal to tokenise assets in the Middle East. The agreement will convert ownership rights into digital tokens, making them tradeable online. DAMAC, one of Dubai’s largest developers, holds real estate properties and data centres globally.
Chairman Hussain Sajwani recently announced a $20 billion investment in US data centres alongside Donald Trump. DAMAC Managing Director Amira Sajwani highlighted that the collaboration with MANTRA aligns with their commitment to innovation and forward-thinking technologies.
Tokenised DAMAC assets will be available on the MANTRA chain early this year. MANTRA had previously signed a $500 million real estate tokenisation deal with MAG Property Development, focusing on Dubai residential projects.
The UAE continues to position itself as a global hub for digital assets, including blockchain technology, as part of efforts to attract major firms and regulate the virtual asset sector.
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.