Managing Director at DAMAC Properties, Founder & CEO of PRYPCO, Founder & COO of Amali PropertiesDAMAC, renowned for its real estate developments and global investments in data centers, views this collaboration as a step toward enhancing its product offerings through innovative technologies. Amira Sajwani, DAMAC's Managing Director of Sales & Development, stated, "Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions."
The tokenized assets are expected to be available on the MANTRA chain early this year. This move aligns with the United Arab Emirates' broader strategy to position itself as a global hub for digital assets and the crypto industry, attracting major firms and developing comprehensive virtual asset regulations.
This partnership follows MANTRA's previous agreement with MAG Property Development to tokenize real estate assets worth $500 million, starting with a residential project in Dubai. These initiatives reflect a growing trend in the UAE toward integrating blockchain technology into the real estate sector.
Damac properties is the largest private master developer in the Middle EastIn 2017, the Dubai Land Department launched a blockchain platform to record real estate contracts, including leases and registrations, linking them to utility and telecom accounts. Such developments underscore Dubai's commitment to leveraging blockchain for increased transparency and efficiency in property transactions. Overall, DAMAC's collaboration with MANTRA signifies a significant advancement in the tokenization of real-world assets, highlighting the UAE's dedication to embracing blockchain technology and fostering innovation in the digital asset space.
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