ABU DHABI (ALETIHAD)
DAMAC Group has partnered with MANTRA, a blockchain platform specialising in real-world assets (RWAs), to tokenize at least $1 billion worth of assets in the Middle East during the first phase of their collaboration, according to a statement.
The initiative involves converting ownership of physical assets into digital tokens, stored securely on the blockchain. Tokenizing RWAs enables new investment opportunities, including fractional ownership of tangible properties.
DAMAC Group’s assets will be available exclusively on the MANTRA chain platform in early 2025, marking a significant step in using blockchain technology to enhance transparency, security, and accessibility for its extensive portfolio of assets.
Amira Sajwani, Managing Director of Sales & Development at DAMAC, highlighted that the group plans to initially tokenize $1 billion worth of assets. These digital tokens will be traded on the MANTRA blockchain.
“Through this partnership, we aim to overcome the limitations of traditional real estate practices and unlock new avenues for financing and investment in the Middle East property market,” Sajwani explained.
The tokenization process is expected to revolutionise asset ownership, trading, financing, and investment. Sajwani added: “Tokenizing assets will provide investors with a secure, transparent, and efficient way to access a diverse range of investment opportunities.”
John Patrick Mullin, CEO & Co-Founder of MANTRA, described the partnership as a significant endorsement for the RWA sector. “We’re excited to collaborate with such a prestigious group that shares our vision and recognises the immense potential of bringing traditional financing opportunities on-chain,” he said.