MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs) has signed a US$1 billion agreement with DAMAC Group, a prominent investment conglomerate, renowned for its diversified portfolio that spans across key sectors such as real estate development, hospitality, data centres, and more, to tokenize assets in the Middle East.
The collaboration between MANTRA and the DAMAC Group will enable token-based financing for a diverse range of assets within the group’s extensive portfolio of companies, with a minimum value of US$1 billion.
The DAMAC Group assets will be available in early 2025, exclusively on MANTRA Chain, marking a bold step in leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets. This milestone partnership is yet another step in MANTRA’s vision to become the preferred ledger of record for real-world assets.
Recently DAMAC Group’s chairman promised a $20bn investment in the booming US data centre industry in the coming years, the US President-elect Donald Trump announced on Tuesday at Mar-a-lago in Palm Beach, Florida.
"This partnership with DAMAC Group is an endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain,” said John Patrick Mullin, CEO of MANTRA.
Amira Sajwani, Managing Director of Sales & Development at DAMAC, said, “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. Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.”
The MANTRA and DAMAC Group partnership follows the recent announcement of MANTRA Chain’s Mainnet launch, which went live in October, representing a significant milestone in the integration of traditional finance with blockchain technology.
MANTRA is backed by the region’s top investment firm Shorooq that has been the most active investor across MENA’s venture capital and credit asset classes over the past few years.
Shane Shin, Founding Partner at Shorooq, commented on the partnership: “This collaboration represents a groundbreaking moment for the real-world asset market in the MENA region. As a leading investor in MANTRA, we have always believed in the transformative potential of blockchain in traditional finance. Partnering with DAMAC is not just a step forward for MANTRA but a leap toward redefining how assets are accessed and valued globally. Together, we are creating a blueprint for innovation that will inspire industries and markets far beyond the region.
