Dubai Real Estate Developer MAG Reaches $3 Billion RWA Agreement with MultiBank

According to Spazio Crypto, UAE real estate giant MAG has signed a $3 billion Real World Asset (RWA) tokenization agreement with blockchain infrastructure company Mavryk, in collaboration with Dubai financial derivatives institution MultiBank Group.

Under the agreement, MAG's luxury real estate projects, including Dubai Creek, Ritz-Carlton Residences, and Keturah Reserve, will be tokenized on the blockchain through MultiBank.io's compliant RWA marketplace. MAG's Senior Executive Vice President Talal Mofaq Al Ghaddah stated that these real estate assets will be issued as independent RWA tokens on the Mavryk blockchain.

MultiBank will launch a native utility token, MBG, which will offer features such as transaction discounts within the ecosystem and priority purchasing rights, adopting a deflationary buyback and burn model. The platform plans to expand the current asset scale from $3 billion to $10 billion.