Dubai Developer Damac signs $1 Billion Deal with Blockchain Platform Mantra

Mantra, a blockchain platform focused on real-world assets (RWAs), has signed a deal with Dubai developer Damac Group to tokenise assets in the Middle East worth at least $1 billion (roughly Rs. 8,589 crore), the two firms said on Thursday.

Asset tokenisation allows rights to, or ownership of assets, including real world assets (RWAs), to be converted into digital tokens on a blockchain, which can then be owned and traded online.

Damac, one of Dubai's biggest developers, whose assets include real estate properties and data centres, has been investing in data centres across the world.

On Tuesday, its Chairman Hussain Sajwani and US President-elect Donald Trump announced it would invest $20 billion (roughly Rs. 1,71,798 crore) in data centres the US in the coming years.

"Damac is always exploring new technologies to enhance our product offerings. Partnering with Mantra is a natural extension of our commitment to innovation and forward-thinking solutions," the developer's Managing Director of Sales and Development Amira Sajwani said in a statement.

Its assets in the Middle East will be available early this year on the Mantra chain, the two firms said.

Last year, Mantra agreed with developer MAG Property Development to tokenise real estate assets worth an overall $500 million (roughly Rs. 4,295 crore), starting from a residential project in Dubai, which is the Gulf's tourism and business hub.

The United Arab Emirates and the city aim to become a global centre for digital assets, including the crypto industry, and are working to attract some of the biggest firms in the sector and to develop virtual asset regulation.

In 2017, the Dubai Land Department launched its blockchain platform using a database to record real estate contracts, including lease and registrations and linking them to utility and telecom accounts.

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