TechFlow news, May 5 — It was reported that UAE real estate giant MAG has signed a $3 billion real-world asset tokenization (RWA) agreement with blockchain infrastructure firm Mavryk, in partnership with Dubai-based financial derivatives institution MultiBank Group.
Under the agreement, luxury real estate projects owned by MAG—including Downtown Dubai residences, Ritz-Carlton apartments, and Keturah Reserve—will be tokenized on the blockchain through MultiBank.io's compliant RWA marketplace. Talal Mofaq Al Ghaddah, Senior Executive Vice President of MAG, stated that these real estate assets will be issued as standalone RWA tokens on the Mavryk blockchain.
MultiBank will launch its native utility token, MBG, which will offer benefits such as transaction fee discounts and priority property purchasing rights within the ecosystem, and will adopt a deflationary buyback-and-burn model. The platform aims to scale its current asset base from $3 billion to $10 billion.
