UAE Mag group to tokenize $500 million of real estate assets with Mantra Blockchain
UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality will tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.
As per a press release, Mantra will tokenize real estate assets in several tranches, while investors will earn yields through stablecoin and OM Tokens. The first tranche will include a residential project, Keturah Reserve, which is being built by MAG in Meydan, Dubai.
The tranche will also package a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development.
Investors will earn yield through stablecoins and Mantra’s OM token.
They are expected to have receive yields of 8% from the stablecoins and be granted additional OM tokens.
In June, Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and MANTRA, signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing and distribution of RWAs.
UAE regulated Laser Digital, Nomura’s digital asset subsidiary strategically invested in MANTRA Chain, and prior to that Mantra raised $11 million for real-world tokenization. While the firm is said to be in the final stages of securing licenses from Dubai’s crypto regulator VARA.
