UAE conglomerate MAG, an actual property developer, which had beforehand signed a $500 million cope with Mantra Chain, has now signed a fair greater tokenization deal value $3 billion with MultiBank Group, a monetary derivatives establishment in Dubai and Blockchain tokenization infrastructure supplier Mavryk.
As per the press launch, the partnership will convey MAG’s high-value actual property developments, equivalent to The Ritz-Carlton Residences, Dubai, Creekside, a part of the Keturah Resort, and Keturah Reserve, onto the blockchain, making them accessible to international traders by way of MultiBank.io’s totally regulated RWA market.
As soon as launched, holders of the RWA belongings will be capable of earn yield distributed day by day on the MultiBank.io platform.
The $MBG token will energy entry, staking, price funds, and platform engagement, positioning it because the infrastructure layer behind institutional-grade digital asset choices.
Mavryk will ship the blockchain infrastructure
Mavryk, a layer 1 blockchain that works in the actual property sector to rework illiquid properties into tradable digital belongings via DeFi-powered lending and fractionalized possession, will ship the blockchain infrastructure to help on-chain asset issuance and DeFi integrations.
MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance.
Talal Moafaq Al Gaddah, Senior Govt Vice Chairman of MAG, mentioned, “At MAG, we now have all the time been pushed by excellence and a ardour for shaping the property panorama of tomorrow. Partnering with MultiBank Group marks a milestone in broadening entry to high-value developments and unlocking liquidity by way of blockchain.”
“This isn’t only a actual property deal, it’s a flagship use case for the $MBG token. By enabling seamless entry to $3B in tokenized property, MultiBank turns into the bridge between regulated finance and next-generation funding infrastructure,” mentioned Zak Taher, Founder and CEO of MultiBank.io.
MAG signed a $500 million tokenization cope with Mantra Chain
In July 2024, Mantra and UAE-based MAG Group Holding introduced plans to tokenize $500 million value of actual property belongings. On the time, the announcement famous that Mantra Chain would tokenize actual property belongings in a number of tranches, whereas traders would earn yields via stablecoin and OM Tokens.
The primary tranche would come with a residential mission, Keturah Reserve, which is being constructed by MAG in Meydan, Dubai. The tranche may also package deal a $75 million mega-mansion at “The Ritz-Carlton Residences, Dubai, Creekside” improvement.
Buyers will earn yield via stablecoins and Mantra’s OM token.
Provided that the brand new announcement with MultiBank discusses the identical properties talked about beforehand of their announcement with Mantra Chain, it seems MAG has dropped its settlement with Mantra Chain and has determined to tokenize all its properties with MultiBank.
