Mantra to Tokenise $1 Billion Real Assets of DAMAC Group

The Hong Kong headquartered Mantra, a purpose-built Layer 1 blockchain for real-world assets, has signed a new partnership with DAMAC Group, Dubai’s leading real estate development firm, to tokenise at least $1 billion of the Group’s real world assets (RWAs) including real estate, hospitality, and data centers in the Middle East.

The tokenised assets of DAMAC Group will be available on the Mantra chain early this year. This alliance aims to rapidly fuel adoption of RWAs through fractional ownership and tokenisation of real estate in the Middle East.

Mantra said that their collaboration with DAMAC Group will enable token-based financing for a diverse range of assets, spanning real estate, hospitality, data centers, and other critical sectors. This milestone partnership is yet another step towards Mantra’s vision of becoming the preferred ledger of record for RWAs.

The partnership between MANTRA and DAMAC Group represents a major step forward for the adoption of RWAs, expanding access to investment for all classes of investors.

Exploring New Technologies               

Amira Sajwani, Managing Director of Sales & Development at DAMAC, who expressed enthusiasm for the partnership, said that the Group has always exploring new technologies to enhance its product offerings.

She said that partnering with Mantra is a natural extension of their commitment to innovation and forward-thinking solutions. Tokenising the Group’s assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.

“We will focus our efforts within DAMAC Group’s extensive portfolio of companies with a minimum value of $1 billion. Through this partnership, we seek to address traditional limitations in real estate investment and open up opportunities for investment in the Middle East’s property market,” she added.

The DAMAC Group assets will be available in early 2025, exclusively on Mantra chain, marking a bold step in leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets.

Mantra’s CEO and co-founder John Patrick Mullin said that the partnership with DAMAC Group is an endorsement for the RWA industry and they were thrilled to partner with such a prestigious group of leaders that share Mantra’s ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain.

“We will combine our expertise in compliant asset tokenization with DAMAC Group’s track record in diversified investment as we seek to broaden the full potential of compliantly tokenised RWAs within the real estate industry,” he added.

Asset Tokenisation Picking Up

Asset tokeniation allows rights or ownership of assets to be converted into digital tokens on a blockchain, which can then be owned and traded online. The concept is picking up steam in the UAE, where regulators are paving the way for more mainstream use of blockchain and tokenisation, and where the real estate sector attracts large amounts of investments every year.

The agreement with DAMAC Group is the third such partnership with Mantra, which has teamed up with MAG Property Development in July last year to tokenise $500 million worth of real estate assets, starting with a residential project in Dubai.

Mantra also signed a Memorandum of Understanding (MOU) with digital bank Zand Bank to facilitate the tokenisation of real-world assets in June.

It may be recalled that the Dubai Land Department launched a blockchain platform in 2017 to record real estate contracts and integrate them with utilities and telecom accounts. The initiative aims to position the emirate as a global hub for digital assets, including crypto, and attract leading firms.