MAG Tries a New Path with $3B Tokenization Deal — Partnering with MultiBank and Mavryk
Does MAG’s new deal signal a pivot away from its earlier $500M tokenization partnership with MANTRA?
MAG, a leading real estate developer based in the UAE, has announced a $3 billion real-world asset (RWA) tokenization partnership with MultiBank Group, a Dubai-based financial derivatives institution, and blockchain infrastructure firm Mavryk. The agreement, which is being described as the largest tokenization initiative globally to date, will see MAG’s luxury developments — including The Ritz-Carlton Residences, Dubai, Creekside and Keturah Reserve — made available to global investors through MultiBank.io’s regulated digital asset platform.
The initiative also marks the upcoming launch of $MBG, the native utility token that will power the MultiBank.io ecosystem. The token is expected to support platform access, staking, fee payments, and yield distribution. According to the announcement, holders of the tokenized assets will be eligible to receive daily yield, though the structure of that yield has not yet been fully detailed.
Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, commented:
“At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain, while preserving uncompromising standards of transparency and stakeholder protection.”
Zak Taher, Founder and CEO of MultiBank.io, emphasized:
“This isn’t just a real estate deal — it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure. This is how we make Web3 real.”
Mavryk, which will provide the underlying blockchain infrastructure, aims to make institutional-grade assets accessible to global users.
“This collaboration represents a paradigm shift in how real-world assets are accessed and traded,” said Alex Davis, CEO of Mavryk. “We are transforming landmark developments into borderless, liquid investment opportunities.”
What About the Earlier $500M MANTRA Deal?
The announcement of this new partnership comes several months after MAG’s previously announced $500 million tokenization deal with MANTRA, which also aimed to tokenize parts of the Keturah Reserve project using MANTRA’s infrastructure and the $OM token. With the new deal now positioning Mavryk as the infrastructure partner, industry observers have naturally raised questions about the current status of the MANTRA partnership. Has the previous initiative been paused or replaced? Is Mavryk stepping in to lead future blockchain integrations following recent challenges faced by MANTRA’s $OM token?
Unlock Blockchain will be meeting with MAG and MultiBank Group to get clarity on these questions and to better understand how this new partnership fits into the developer’s broader digital strategy, and explore the details behind the tokenized assets and their income-generating potential.
With tokenization expected to reshape investment access, these developments could indicate a new playbook for traditional developers entering the Web3 space — and the shifting alliances that come with it.
