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Damac signs $1bn blockchain deal

10 January 2025

Dubai-based property developer Damac Group has signed a deal with Hong Kong-based Mantra to tokenise real-world assets (RWA) worth at least $1bn in the Middle East, which can then be owned and traded.

According to Mantra, its collaboration with Damac Group will “enable token-based financing for a diverse range of assets, spanning real estate, hospitality, data centres and other critical sectors”.

This strategic alliance aims to rapidly fuel the adoption of RWAs through fractional ownership and tokenisation of real estate in the Middle East, the firms said.

Tokens represent physical and digital assets on a blockchain. They are either fungible, which represents interchangeable tokens, or non-fungible (NFTs), where tokens – such as those associated with digital art or RWAs – are unique.

The partnership seeks to address traditional limitations in real estate investment and open up opportunities for investment in the Middle East’s property market, said Amira Sajwani, managing director of sales and development at Damac.

The Damac Group assets will be available in early 2025 exclusively on Mantra Chain.

The partnership with Mantra follows an announcement made on 7 January by Damac Group founder Hussain Sajwani, along with US President-Elect Donald Trump, that his firm plans to invest at least $20bn in data centres across the US over the coming four years.

The Dubai-based property developer previously said it plans to develop $1bn-worth of data centres in countries in Europe, Asia, Africa, the Middle East and the Commonwealth of Independent States.

Damac subsidiary Edgnex is constructing two data centre facilities in Dammam and Riyadh in Saudi Arabia that will deliver 55MW by 2025. There are also plans for a data centre in Amman, Jordan, and another in Turkiye in partnership with Vodafone.

Photo credit: Dubai Harbour Bay, for illustrative purposes only

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Jennifer Aguinaldo

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