UAE DAMAC Group to tokenize $1billion worth of assets
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UAE conglomerate DAMAC Group, with investments in property development, hospitality, and data centres, has announced plans to tokenize $1 billion worth of its assets for financing purposes in early 2025. The tokenization will be done in collaboration with UAE-based MANTRA, a layer 1 blockchain platform for tokenizing real-world assets. As per the press release, 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 tokenized assets will be exclusively on the MANTRA Chain in an effort to bring transparency, security and accessibility to DAMAC Group assets. “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, ” 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.” DAMAC Group invests $20 billion in USA data centers This comes days after DAMAC Group announced it would invest $20 billion in data centres across the USA. On Tuesday, at his Florida estate, Mar-a-Lago, President Donald Trump announced a $20 billion deal with Damac Group’s Hussain Sajwani to build state-of-the-art AI data centres across America. Trump wasted no time hyping up the announcement. The project’s first phase targets eight states: Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana. According to Trump, these AI-powered data hubs will put America at the top of the global tech ladder. Mantra…
Filed under: News - @ January 9, 2025 3:21 pm