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DAMAC and MANTRA Sign $1 Billion Deal to Tokenize Real Estate Assets in the Middle East

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Dubai’s leading developer DAMAC Group has entered into a landmark deal with MANTRA, a blockchain platform that specializes in tokenizing real-world assets (RWAs), to tokenize at least $1 billion worth of assets in the Middle East. The partnership, announced on Thursday, aims to convert rights to real estate and other assets into digital tokens on a blockchain, making them tradable and owned online.

DAMAC, a major player in Dubai’s real estate sector, has been expanding its investment portfolio to include global data centers. In a separate announcement earlier this week, DAMAC’s Chairman Hussain Sajwani and U.S. President-elect Donald Trump revealed plans to invest $20 billion in data centers across the United States in the coming years.

Amira Sajwani, DAMAC’s Managing Director of Sales & Development, expressed the company’s enthusiasm for exploring new technologies and innovation. “Partnering with MANTRA is a natural extension of our commitment to forward-thinking solutions,” she stated.

The first assets to be tokenized will be available on the MANTRA blockchain in the Middle East later this year. The partnership follows MANTRA’s earlier agreement with MAG Property Development to tokenize real estate assets worth $500 million, starting with a residential project in Dubai, the Gulf’s premier tourism and business hub.

The United Arab Emirates, and particularly Dubai, has been positioning itself as a global center for digital assets, including the cryptocurrency industry. In 2017, the Dubai Land Department launched a blockchain platform to record real estate contracts and link them to utility and telecom accounts, part of the city’s broader effort to attract leading companies in the digital and crypto sectors and establish robust virtual asset regulations.

 

Binance CEO Says Global Headquarters Location Still Undecided

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Binance, the world’s largest cryptocurrency exchange, has yet to decide where to establish its global headquarters, according to CEO Richard Teng. The decision has been long anticipated, but Teng emphasized that the issue remains complicated due to various factors. In an interview during the Abu Dhabi Finance Week conference, Teng explained that tax laws and the ability to attract talent would play a significant role in the choice of location. Binance is in ongoing discussions with multiple jurisdictions, though specific locations were not disclosed.

Governance Improvements

The decision about Binance’s headquarters is seen as part of a broader effort to enhance the company’s transparency following legal issues with its former CEO, Changpeng Zhao (CZ), who pleaded guilty to violating U.S. money laundering laws earlier this year. As part of its governance overhaul, Binance appointed a new board of directors for the first time in its history, which now includes three independent members. Teng noted that Binance had shifted from a founder-led to a board-led company, though he still occasionally communicates with Zhao, who retains his shareholder rights.

Global Presence and Regulatory Outlook

Binance currently holds 20 licenses and registrations globally, including in Abu Dhabi and Dubai. The company has been focusing on improving corporate governance and transparency in response to past challenges. Teng expressed optimism about the future of cryptocurrency regulations, particularly in the U.S., with the incoming administration under President-elect Donald Trump expected to adopt a more lenient regulatory stance. Teng predicted that such a shift could encourage other nations to follow suit, further boosting the cryptocurrency sector.

Dubai’s VARA Introduces Tighter Rules for Crypto Advertising

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Dubai’s Regulator Aims to Raise Investor Awareness on Crypto-Related Financial Risks Devamını Oku