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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.

 

Israel Strikes Central Beirut, Killing Six Amid Escalating Conflict with Hezbollah

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Early on Thursday, Israeli airstrikes targeted central Beirut, killing at least six people, as tensions between Israel and Hezbollah reached new heights. The strike hit a building in the Bachoura district, close to Lebanon’s parliament, marking the closest Israeli attack to central Beirut in the ongoing conflict. Lebanese health officials confirmed the casualties, and additional reports suggested multiple injuries from the attack.

Israel’s military said the airstrike was a precise operation against Hezbollah-related targets, following the loss of eight Israeli soldiers in ground combat in southern Lebanon. In response, Hezbollah has engaged Israeli forces near the border, destroying three Israeli tanks. This marked the first major ground confrontation since Israeli troops entered Lebanon earlier in the week.

The Israel Defense Forces (IDF) continued issuing evacuation orders for Lebanese villages near the border, as Israeli air raids on Hezbollah strongholds in Beirut’s southern suburb of Dahiyeh also resumed. Three missiles targeted the area where Hezbollah leader Hassan Nasrallah was killed last week.

The conflict is drawing increasing international concern. U.S. President Joe Biden urged Israel to respond proportionally, despite Iran’s massive missile strike on Israel earlier this week, which Israel said involved over 180 missiles. G7 leaders and China have called for diplomacy, urging the United Nations Security Council to intervene to de-escalate the situation. Meanwhile, Western nations are preparing contingency evacuation plans for citizens in Lebanon as the violence intensifies.

The death toll from almost a year of cross-border clashes has surpassed 1,900, with over 9,000 wounded, according to Lebanese officials. The conflict has displaced around 1.2 million people within Lebanon.

 

Iran Claims Attack on Israel Concluded as Fears of Wider Conflict Grow

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Iran has announced that its recent assault on Israel is over, following a series of missile strikes targeting Israeli military facilities. This attack, described by Iranian officials as a response to Israeli actions against Hezbollah and other militant leaders, reportedly involved more than 180 ballistic missiles aimed at three Israeli military bases. Iranian Foreign Minister Abbas Araqchi stated that any further Israeli provocations would lead to a stronger Iranian response.

The situation remains tense, as Israeli officials have vowed to retaliate significantly in the coming days, potentially targeting Iranian oil production facilities and other strategic sites. Prime Minister Benjamin Netanyahu warned that Iran would face consequences for what he termed a “big mistake.”

Despite calls for a ceasefire from the United Nations, the United States, and the European Union, clashes between Israel and Hezbollah continue. Israel has resumed airstrikes on Hezbollah strongholds in Beirut’s southern suburbs, conducting at least a dozen bombings while issuing evacuation orders for the area. Large plumes of smoke were visible as Israeli forces targeted locations believed to house Hezbollah assets. In retaliation, Hezbollah claimed to have confronted Israeli forces attempting to infiltrate the Lebanese town of Adaisseh.

The escalation of violence follows weeks of conflict, including Israel’s recent ground operations in Lebanon and ongoing hostilities in the Gaza Strip. U.S. Secretary of Defense Lloyd Austin confirmed that the U.S. was prepared to defend its interests in the region and that American naval forces had intercepted some of the missiles fired from Iran. The Pentagon noted that Iran’s missile assault was significantly larger than previous attacks, including an earlier strike in April.

Israeli military officials stated that most of the missiles launched by Iran were intercepted by Israeli air defenses and a coalition led by the United States. However, the use of hypersonic Fattah missiles by Iranian forces marked a dangerous escalation, with reports indicating that 90% of the missiles successfully hit their targets in Israel.

As fears mount that Iran and the U.S. could become embroiled in a broader regional conflict, President Joe Biden reaffirmed U.S. support for Israel, labeling the Iranian attack as “ineffective.” Vice President Kamala Harris echoed this sentiment, stating that the U.S. would not hesitate to act against Iran if necessary. Israel’s U.N. Ambassador, Danny Danon, promised a painful response to Iran’s actions.

In response to the ongoing situation, French President Emmanuel Macron condemned Iran’s attacks and announced the mobilization of French military resources in the Middle East. The United Nations Security Council convened to discuss the escalating conflict, while the European Union urged an immediate ceasefire. In South Korea, President Yoon Suk Yeol convened national security advisors to address potential impacts on energy supply due to the conflict.

The humanitarian toll has been severe, with nearly 1,900 casualties and over 9,000 injuries reported in Lebanon in the past year of conflict, most of which have occurred in the last two weeks.