Why the Dubai developer behind the Burj Khalifa is launching a digital token

Emaar Properties' token will be used throughout the company's vast holdings as part of a loyalty program

Mar.March 17, 2019 10:00 AM

Mohamed Alabbar, chairman of Emaar Properties (Credit: Getty)

One of the largest developers in the United Arab Emirates plans to launch a loyalty program powered by blockchain technology.

Dubai-based Emaar Properties, which developed the Burj Khalifa skyscraper, said an initial coin offering in Europe will be considered within a year of its internal launch of its blockchain platform and community token, Arabian Business reported. Lykke, a Swiss-based online marketplace, is building the platform, which is based on the Ethereum blockchain and the ERC20 token framework.

Emaar’s community token will be accepted throughout the company’s various holdings in real estate, malls, hospitality, entertainment, facilities management and online shopping. The company’s assets are reportedly worth nearly $10 billion.

Emaar is partially owned by the Al Maktoum family, the royal ruling family of Dubai. In 2018, Emaar’s shares dropped 39 percent, amounting to the company’s lowest price-to-earnings ratio in about a decade. [Arabian Business] – Katherine Kallergis

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