Mantra, an institutional-grade Layer 1 Blockchain for real world assets, has announced a strategic partnership with MAG, a United Arab Emirates-based developer with a real estate portfolio valued at over $5 billion.
According to the companies, Mantra’s blockchain infrastructure will provide a tokenization platform that will enable real estate investors to access MAG’s Dubai properties. The initial focus of this new collaboration will focus on Keturah Reserve, a luxury residential development in Dubai’s Meydan district, and the companies have set a goal of tokenizing $500 million worth of MAG’s real estate assets in Dubai.
The companies stated that investors are expected to receive an estimated yield of 8% APY generated from stablecoins that will be further enhanced by Mantra’s native token, $OM.
“Working with Mantra allows us to leverage cutting-edge blockchain technology to enhance the value and accessibility of our real estate offerings,” said Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development. “This strategic collaboration is pivotal and forward-facing as we continue to innovate and lead in luxury real estate development.”
John Patrick Mullin, CEO and co-founder of Mantra, added, “Partnering with MAG represents a major milestone in our mission to bridge blockchain with tangible assets, with a special focus on the Middle East. This venture will set new standards in real estate tokenization, offering global investors access to premium real estate assets in the UAE.”
Photo: John Patrick Mullin, CEO of Mantra (left) and Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development; photo courtesy of Mantra.
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