Dubai’s DAMAC Group, one of the region’s leading developers, has entered a landmark $1 billion agreement with blockchain platform MANTRA to tokenise real-world assets (RWAs) in the Middle East, the companies announced on Thursday.
Asset tokenisation enables the conversion of ownership or rights to physical assets, such as real estate or data centers, into digital tokens on a blockchain. These tokens can then be owned and traded online, offering new opportunities for investment and ownership.
DAMAC’s Managing Director of Sales and Development, Amira Sajwani, expressed the company’s commitment to integrating cutting-edge technology:
“Partnering with MANTRA is a natural extension of our dedication to innovation and forward-thinking solutions,” she said.
The collaboration will see DAMAC’s assets in the Middle East, including real estate and data centers, tokenized and made available on the MANTRA blockchain platform early this year.
In a related development, DAMAC Chairman Hussain Sajwani announced plans to invest $20 billion in U.S.-based data centers in partnership with U.S. President-elect Donald Trump. The move underscores DAMAC’s strategy to expand its global footprint in the tech-driven asset space.
Dubai has been positioning itself as a global leader in digital assets and blockchain innovation. Last year, MANTRA inked a $500 million tokenisation deal with MAG Property Development, starting with a residential project in Dubai.
The UAE’s ambition to become a digital asset hub is supported by initiatives like the Dubai Land Department’s blockchain platform launched in 2017, which integrates real estate contracts, leases, and utility registrations into a single digital system.