UAE conglomerate MAG, a real estate developer, which had previously signed a $500 million deal with Mantra Chain, has now signed an even bigger tokenization deal worth $3 billion with MultiBank Group, a financial derivatives institution in Dubai and Blockchain tokenization infrastructure provider Mavryk.
As per the press release, the partnership will bring MAG’s high-value real estate developments, such as The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, and Keturah Reserve, onto the blockchain, making them available to global investors via MultiBank.io’s fully regulated RWA marketplace.
Once launched, holders of the RWA assets will be able to earn yield distributed daily on the MultiBank.io platform.
The $MBG token will power access, staking, fee payments, and platform engagement, positioning it as the infrastructure layer behind institutional-grade digital asset offerings.
Mavryk will deliver the blockchain infrastructure
Mavryk, a layer 1 blockchain that works in the real estate sector to transform illiquid properties into tradable digital assets through DeFi-powered lending and fractionalized ownership, will deliver the blockchain infrastructure to support on-chain asset issuance and DeFi integrations.
MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance.
Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said, “At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.”
“This isn’t just a real estate deal, it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure,” said Zak Taher, Founder and CEO of MultiBank.io.
MAG signed a $500 million tokenization deal with Mantra Chain
In July 2024, Mantra and UAE-based MAG Group Holding announced plans to tokenize $500 million worth of real estate assets. At the time, the announcement noted that Mantra Chain would tokenize real estate assets in several tranches, while investors would earn yields through stablecoin and OM Tokens.
The first tranche would 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.
Given that the new announcement with MultiBank discusses the same properties mentioned previously in their announcement with Mantra Chain, it appears MAG has dropped its agreement with Mantra Chain and has decided to tokenize all its properties with MultiBank.
