UAE real estate developer MAG has signed a significant tokenization deal worth $3 billion with MultiBank Group, a financial derivatives institution based in Dubai. This partnership follows a previous agreement where MAG had entered into a $500 million deal with Mantra Chain. The new collaboration also involves Mavryk, a provider of blockchain tokenization infrastructure.

According to MSN, the deal enables MAG to bring its high-value real estate developments, including The Ritz-Carlton Residences, Dubai, Creekside, and Keturah Reserve, onto the blockchain. This will allow global investors to access these properties through MultiBank.io’s fully regulated Real World Asset (RWA) marketplace. Once launched, those holding RWA assets will receive daily yield distributions on the MultiBank.io platform.

The $MBG token will serve as the backbone for accessing, staking, fee payments, and overall engagement on the platform. This token is designed to support institutional-grade digital asset offerings. Mavryk will provide the necessary blockchain infrastructure to facilitate on-chain asset issuance and decentralized finance (DeFi) integrations. MultiBank Group will manage regulatory compliance, secondary market liquidity, and platform governance.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, emphasized the company’s commitment to excellence and innovation in the property landscape. He stated that this partnership is a significant step towards expanding access to high-value developments and enhancing liquidity through blockchain technology.

Zak Taher, Founder and CEO of MultiBank.io, noted that this initiative is not just about real estate but serves as a flagship use case for the $MBG token. He highlighted that it bridges regulated finance with cutting-edge investment infrastructure, enabling seamless access to $3 billion in tokenized property.

Previously, MAG had planned to tokenize $500 million worth of real estate assets in collaboration with Mantra Chain. This earlier agreement included the residential project Keturah Reserve and a $75 million mega-mansion at The Ritz-Carlton Residences. However, given the new agreement with MultiBank, it appears that MAG is moving forward by focusing on tokenizing its properties exclusively with MultiBank.