Dubai-based real estate developer MAG has signed a $300 million agreement with MultiBank Group and Mavryk

The deal involves tokenizing real-world assets (RWAs), making it the largest initiative of its kind to date.

Dubai-based real estate developer MAG has partnered with MultiBank Group and Mavryk to tokenize a portfolio of high-value real estate assets. The initiative marks the largest of its kind to date, with an initial phase focused on tokenizing $3 billion worth of assets.

The move will bring MAG’s prized properties, including The Ritz-Carlton Residences, Dubai, and MAG’s flagship projects, Creekside and Keturah Reserve, onto the blockchain, opening them up for global investment via MultiBank.io.

MultiBank.io, the platform that will host the tokenized assets, is operated by MEX Digital FZE, a subsidiary of MultiBank Group. The entity has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The license, which permits broker-dealer and exchange activities for virtual assets (excluding derivatives), supports the infrastructure behind the tokenization initiative and marks the group’s broader entry into the digital asset space.

The tokenized assets will be made available to a global investor base. Once launched, holders of these assets will receive daily yield distributions through the platform.

The system will be supported by a new utility token, $MBG, which will be used for access, staking, paying fees, and other interactions with the platform. MultiBank Group describes the token as “central to its digital finance ecosystem.”

For the initiative, MAG will provide the real estate assets, while Mavryk will build the blockchain infrastructure and MultiBank Group will manage regulatory compliance, liquidity, and platform governance.

The $3 billion tokenization is the first phase of the project, with the platform expected to scale up to $10 billion in assets. The move aims to create a compliant framework for digital investments based on tokenized fractional ownership.