Damac token assets to debut on Mantra: Blockchain startup Mantra will tokenize at least USD 1 bn of Dubai developer Damac Group’s assets in the Middle East under a new partnership agreement, according to a statement. Damac’s tokenized assets — including real estate, hospitality, and data centers — will be available on the Mantra chain early this year.

Sound smart: Asset tokenization allows rights or ownership of assets to be converted into digital tokens on a blockchain, which can then be owned and traded online. The concept is picking up steam in the UAE, where regulators are paving the way for more mainstream use of blockchain and tokenization, and where the real estate sector attracts large amounts of investments every year.

Damac is on an asset expansion roll: Earlier this week, the company announced a USD 20 bn investment in US data centers. “Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities,” Amira Sajwani, Damac’s managing director of sales and development, said.

Mantra ❤️ the UAE: Mantra partnered with MAG Property Development in July last year to tokenize USD 500 mn worth of real estate assets, starting with a residential project in Dubai. The Hong Kong-based blockchain also signed an MoU with digital bank Zand Bank to facilitate the tokenization of real-world assets in June.

Remember: The Dubai Land Department launched a blockchain platform in 2017 to record real estate contracts and integrate them with utilities and telecom accounts. The initiative aims to position the emirate as a global hub for digital assets, including crypto, and attract leading firms.

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