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

National /
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


Related Articles

arrow_forward_ios
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...