Mantra, a blockchain platform targeted on real-world property (RWAs), has signed a take care of Dubai developer Damac Group to tokenise property within the Center East price not less than $1 billion (roughly Rs. 8,589 crore), the 2 companies stated on Thursday.
Asset tokenisation permits rights to, or possession of property, together with actual world property (RWAs), to be transformed into digital tokens on a blockchain, which might then be owned and traded on-line.
Damac, certainly one of Dubai’s largest builders, whose property embrace actual property properties and knowledge centres, has been investing in knowledge centres internationally.
On Tuesday, its Chairman Hussain Sajwani and US President-elect Donald Trump introduced it might make investments $20 billion (roughly Rs. 1,71,798 crore) in knowledge centres the US within the coming years.
“Damac is at all times exploring new applied sciences to reinforce our product choices. Partnering with Mantra is a pure extension of our dedication to innovation and forward-thinking options,” the developer’s Managing Director of Gross sales and Growth Amira Sajwani stated in a press release.
Its property within the Center East might be out there early this 12 months on the Mantra chain, the 2 companies stated.
Final 12 months, Mantra agreed with developer MAG Property Growth to tokenise actual property property price an general $500 million (roughly Rs. 4,295 crore), ranging from a residential challenge in Dubai, which is the Gulf’s tourism and enterprise hub.
The United Arab Emirates and the town goal to change into a world centre for digital property, together with the crypto business, and are working to draw among the largest companies within the sector and to develop digital asset regulation.
In 2017, the Dubai Land Division launched its blockchain platform utilizing a database to file actual property contracts, together with lease and registrations and linking them to utility and telecom accounts.
© Thomson Reuters 2025
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