The collaboration will enable token-based financing for the group’s assets, which are valued at a minimum of $1 billion.
Dubai, UAE – MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs), has signed a groundbreaking US$1 billion agreement with Dubai-headquartered investment conglomerate DAMAC Group. This partnership aims to tokenize DAMAC’s diverse portfolio of assets, including real estate, hospitality, data centers, and other sectors, marking a major step in integrating traditional finance with blockchain technology.
Tokenization of DAMAC’s $1 Billion Asset Portfolio
Under the agreement, assets valued at a minimum of $1 billion will be tokenized and made available exclusively on the MANTRA Chain starting early 2025. This initiative will enable token-based financing, offering increased transparency, security, and accessibility for investors. The collaboration follows the October 2024 launch of MANTRA Chain’s Mainnet, solidifying its position as a leader in blockchain innovation for RWAs.
Driving Blockchain Adoption in Traditional Industries
In a statement, John Patrick Mullin, CEO of MANTRA, highlighted the transformative potential of the partnership. “This collaboration with DAMAC Group is a significant endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group that shares our vision of bringing traditional financing opportunities on-chain,” said Mullin.
Amira Sajwani, Managing Director of Sales and Development at DAMAC, emphasized the Group’s commitment to innovation. “DAMAC is always exploring new technologies to enhance our product offerings. Tokenizing our assets with MANTRA provides investors with a secure, transparent, and convenient way to access diverse investment opportunities,” she stated.
Revolutionizing Real Estate and Beyond
Founded in 2002 by Hussain Sajwani, DAMAC Group operates in seven core sectors, including real estate, hospitality, manufacturing, and data centers. Earlier this week, DAMAC announced a $20 billion investment in the U.S. data center industry, further expanding its global footprint across North America, Europe, Asia, and the Middle East.
MANTRA, founded in 2021 by John Patrick Mullin, Jayant Ramanand, Stephane Laurent Villedieu, and Will Corkin, offers a permissionless blockchain that complies with regulatory requirements and supports cross-chain interoperability. Backed by Shorooq, one of the MENA region’s most active investment firms, MANTRA is positioned as a leader in the global tokenized RWA market.
Industry Leaders Weigh In
Speaking to Inc. Arabia, Mullin underscored Dubai’s leadership in the blockchain sector. “Partnering with DAMAC Group will drive mainstream adoption of blockchain in real estate and other traditional industries,” he noted. “Onchain is the new online, and the faster we embrace a tokenized future, the better.”
Shane Shin, Founding Partner at Shorooq, called the partnership a “landmark milestone” for the MENA region and the global RWA market. “By tokenizing assets on MANTRA’s blockchain, we are democratizing access to the real estate market, making it more inclusive and liquid,” Shin said.
Shin emphasized the broader implications of the partnership. “This collaboration has the potential to redefine how assets are valued, accessed, and traded. It sets the stage for a future where RWAs seamlessly interact with decentralized financial ecosystems, unlocking trillions of dollars in untapped value globally.”
Future Plans for MANTRA
Looking ahead, MANTRA aims to expand its ecosystem for tokenized assets. “This partnership is just the beginning,” said Shin. “We plan to scale this model across various asset classes, including luxury goods, commodities, and financial products. Our focus is on enhancing cross-chain interoperability and forging partnerships with global institutional players.”
For entrepreneurs entering the Web3 and RWA sectors, Shin offered advice: “Focus on real-world impact, prioritize regulatory compliance, and think long-term. Success in this space will come to those who build sustainable ecosystems, not just products.”
Conclusion
The partnership between MANTRA and DAMAC Group represents a significant milestone in the adoption of blockchain technology for tokenizing real-world assets. By combining DAMAC’s extensive portfolio with MANTRA’s innovative blockchain solutions, the collaboration paves the way for a more transparent, accessible, and efficient future for global asset management.
Source: Int.Arabia
