MANTRA, DAMAC Group Ink US$1 Billion Deal To Tokenize Assets

Photo: John Patrick Mullin, CEO, MANTRA. (Image courtesy MANTRA.)

MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs), has signed a US$1 billion agreement with the Dubai-headquartered investment conglomerate DAMAC Group to tokenize assets across the latter's portfolio, which includes real estate, hospitality, data centers, and other sectors. 

The collaboration will enable token-based financing for DAMAC’s assets, which are valued at a minimum of $1 billion. These tokenized assets will be available exclusively on the MANTRA Chain in early 2025, thereby offering increased transparency, security, and accessibility to investors. 

This agreement follows the October 2024 launch of MANTRA Chain’s Mainnet, advancing the integration of traditional finance with blockchain technology. 

DAMAC Group, founded in 2002 by Hussain Sajwani, operates in seven core areas, including real estate, capital markets, hospitality, manufacturing, and data centers. Earlier this week, the Group announced a $20 billion investment in the US data center industry, expanding its global presence in North America, Europe, Asia, and the Middle East. 

MANTRA, which was founded in 2021 by John Patrick Mullin, Jayant Ramanand, Stephane Laurent Villedieu, and Will Corkin, offers a permissionless blockchain that meets regulatory requirements and supports cross-chain interoperability. It's backed by one of the MENA region's most active investment firms, Shorooq. 

In a statement, Mullin, who is the CEO of MANTRA, said, "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 on-chain.”

Amira Sajwani, managing director of sales and development at DAMAC, said, “DAMAC is always exploring new technologies to enhance our product offerings. 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.” 

In an exclusive interview with Inc. Arabia, Mullin highlighted the potential impact of his company's partnership with DAMAC. "Dubai has long been a leader in the industry, so partnering with the DAMAC Group will help drive mainstream adoption of blockchain in real estate and other traditional industries," he said. "In the long term, we believe this will motivate additional global markets to create new investment opportunities for a wider range of investors."

As for the road ahead for the company, Mullin said that its future was looking quite bright. "We have an incredibly busy 2025 focused on onboarding new institutional partners, and providing new tokenized investment opportunities," Mullin said. "On top of bringing high quality assets onchain, we are focused on providing a robust ecosystem of decentralized apps (dApps) to bring enhanced liquidity and composability to these products, showing the world that MANTRA is the preferred ledger of record for real-world assets. Onchain is the new online, so the faster you embrace a tokenized future, the better."

Speaking to Inc. Arabia, Shane Shin, founding partner at Shorooq, noted how MANTRA's collaboration with DAMAC serves as a landmark for both the MENA region and the global tokenized RWA market. "The partnership between MANTRA and DAMAC Group is a groundbreaking milestone, not only for the real estate and Web3 ecosystems in the MENA region but also for the global evolution of tokenized real-world assets," Shin said. 

Here, Shin noted that tokenization can help address barriers that traditionally limit real estate investment. "Real estate has always been an asset class with immense potential but limited accessibility due to barriers such as high entry costs, inefficiencies, and lack of transparency," he explained. "By tokenizing assets on MANTRA’s blockchain, we are democratizing access to this market, making it more inclusive and liquid."  

According to Shin, the partnership’s impact extends beyond the MENA, setting a global precedent for blockchain integration in traditional industries. "With DAMAC’s $1 billion asset portfolio being tokenized, we are enabling fractional ownership and creating opportunities for a broader investor base to participate in high-value assets," he explained. "This brings greater transparency, security, and efficiency to the table, which is critical for attracting institutional trust and accelerating adoption." 

Looking forward, Shin sees this partnership as the foundation for broader changes in the way assets are valued and traded. "In the long term, this collaboration has the potential to redefine how assets are valued, accessed, and traded," he said. "It sets the stage for a future where RWAs can seamlessly interact with decentralized financial ecosystems, driving massive efficiencies and unlocking trillions of dollars in untapped value globally." 

As for what lies ahead for MANTRA, Shin outlined the company's ambition to create an ecosystem for tokenized assets. "This partnership with DAMAC is just the beginning," he declared. "MANTRA is building an infrastructure that goes beyond tokenizing assets — it’s about creating an ecosystem where traditional finance meets decentralized innovation."

Stressing the company's focus on technological advancements to make tokenization more accessible, Shin added, "Moving forward, we plan to scale this model across various asset classes, including luxury goods, commodities, and financial products, while enhancing cross-chain interoperability to bring even more stakeholders into the ecosystem. The roadmap includes forging partnerships with global institutional players and deepening engagement with regulatory bodies to ensure compliance and scalability."

For entrepreneurs and startups looking to enter the Web3 and RWA sectors, Shin stressed the importance of long-term thinking and sustainable growth. "My advice is threefold," he said. "First, focus on real-world impact: Technology is only as valuable as the problems it solves. Understand the pain points of traditional industries and build solutions that add tangible value." He also emphasized the importance of regulatory compliance. "Blockchain and tokenization will only reach their full potential with trust and compliance." 

Finally, Shin stressed the importance of long-term thinking. "The Web3 space is still in its infancy. Success will come to those who prioritize sustainable growth over short-term gains. Focus on building ecosystems, not just products."