DUBAI (Reuters) – MANTRA, a blockchain platform focused on real-world assets (RWAs), has signed a cope with Dubai developer DAMAC Group to tokenise assets within the Middle East value not less than $1 billion, the 2 firms said on Thursday.

Asset tokenisation allows rights to, or ownership of assets, including RWAs, to be converted into digital tokens on a blockchain, which may then be owned and traded online.

DAMAC, one among Dubai’s biggest developers, whose assets include real estate properties and data centres, has been investing in data centres the world over.

On Tuesday, its Chairman Hussain Sajwani and U.S. President-elect Donald Trump announced it could invest $20 billion in data centres the U.S. in the approaching years.

“DAMAC is at all times exploring latest technologies to boost our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions,” the developer’s Managing Director of Sales & Development Amira Sajwani said in a press release.

Its assets within the Middle East might be available early this yr on the MANTRA chain, the 2 firms said.

Last yr, MANTRA agreed with developer MAG Property Development to tokenise real estate assets value an overall $500 million, ranging from a residential project in Dubai, which is the Gulf’s tourism and business hub.

The United Arab Emirates and the town aim to change into a world centre for digital assets, including the crypto industry, and are working to draw a few of the biggest firms within the sector and to develop virtual asset regulation.

In 2017, the Dubai Land Department launched its blockchain platform using a database to record real estate contracts, including lease and registrations and linking them to utility and telecom accounts.

(Reporting by Federico Maccioni, editing by Barbara Lewis)