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Multibank, a derivatives firm with a daily trading volume of up to $35 billion has partnered with Mavryk blockchain to launch a $10 billion tokenization of a real estate project in the United Arab Emirates. The two firms assured that they had acquired $10 million in funding to develop the program, which will target high-value properties in Dubai and Abu Dhabi.
The project presents a tokenization of real estate ownership. As a result, more investors can tap into high-quality properties enjoying better liquidity and access to markets they wouldn't have had before. The project also aims to reduce transaction costs with blockchain infrastructure, while boosting transparency in the investment process.
Multibank RWA will grow cooperation between itself and Mavryk, and the landmark projects developed by MAG Lifestyle Development will be the priority. These are The Ritz-Carlton Residences and Keturah Reserve, which are considered to be the key luxury development projects in Dubai.
Mavryk affirmed that its tokenization system will facilitate the issuance, custodianship, and secondary trade of digital real estate properties. As a security enhancement, the marketing combines the Fireblocks multi-party computation (MPC) custody technology. This framework aims to protect the ownership of tokenized property and comply with international standards.
According to the companies, the program is in line with the UAE's economic diversification strategy, which is based on digital transformation and financial innovation. The project will be launched in early 2025 and will start with prime residential and commercial real estate in Dubai and Abu Dhabi.
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Analysts point out that the latest regulatory amendments by the Dubai Financial Market and Abu Dhabi Global Market have produced a positive environment in the context of real estate tokenization. These frameworks enable financial institutions to launch blockchain-based models of assets without compromising compliance requirements.
The UAE tokenization program has been placed among the biggest real estate projects in the world. Mavryk Blockchain and Multibank will appeal to institutional and retail traders by offering them a way of investing in real estate through the digitalization of the assets.
The model is also expected to be used as a benchmark by other markets that consider investing in property structures based on blockchain.
Mavryk has affirmed that it has plans for the global expansion of its platform outside the UAE, under regulatory approvals in other jurisdictions. The company also plans to launch a Series A round in the fourth quarter of 2025, which will include both equity and token offerings to support future growth.
Both companies focus on transparency and compliance. They have employed third-party auditors and legal counsel to oversee operations and ensure they do not violate financial laws. Investor education programs will also be part of the program to build awareness and confidence in tokenized real estate as a new way of holding assets.
