Damac & Mantra Revolutionize Middle East Real Estate with $1B Blockchain Partnership
Damac Group and Mantra have joined forces to revolutionize the Middle East's real estate market. This groundbreaking partnership aims to tokenize assets worth at least $1 billion, paving the way for blockchain adoption in traditional industries.
Damac's director of sales and development, Amira Sajwani, expressed the company's commitment to innovation. She stated, 'We are excited to explore new technologies like blockchain to enhance our offerings.' The partnership, announced by John Mullin, CEO of Mantra, will tokenize Damac's assets, including real estate, data centers, and hotels, making them available on the Mantra blockchain this year.
Tokenization reduces barriers to entry and increases asset liquidity. It also allows for fractional ownership, democratizing investments previously reserved for large capital. Experts suggest this collaboration could drive blockchain adoption in other traditional industries in the Middle East. Mullin sees this as a massive vote of confidence in real-world asset tokenization and a model for other regions. Dubai's vision as a global hub for digital assets and blockchain adoption is reflected in this agreement.
Damac and Mantra's partnership marks a significant milestone in blockchain technology adoption. By tokenizing assets worth at least $1 billion, they aim to make the real estate market more liquid and inclusive. This collaboration not only benefits Damac and Mantra but also sets a precedent for other traditional industries in the Middle East.
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