United Arab Emirates-based Emaar Group, a billion dollar real estate development firm focused on launching large-scale projects such as the Burj Khalifa, the world’s tallest building, is reportedly planning to introduce its own crypto-based token.
On Monday (March 11th, 2019), the Emaar Group revealed that its new token has been developed on the Ethereum blockchain and it’s an ERC-20 compliant cryptocurrency. Referred to as the “Emaar community token,” Emaar’s crypto will be available to the company’s partners and customers towards the end of this year. Notably, Emaar’s management has also announced that it will be conducting an initial coin offering (ICO).
In order to launch the ICO, Emaar Group will partner with Lykke AG, a Switzerland-based blockchain startup that is working on the technical details related to the Dubai-based real estate conglomerate’s cryptocurrency. After its token has been fully developed, the Emaar Group intends to use the crypto as part of its loyalty and referral program.
Crypto Token To Potentially Be Accessible To 1 Billion Users
According to a press release published (on March 10th, 2019) by Emaar Properties, its customers will be able to transact with the token at Dubai and Abu Dhabi-based shopping malls, entertainment centers, online shopping stores, and various other retail outlets owned by the giant company. Notably, Emaar is planning to make its crypto token available to potentially 1 billion internet-based users worldwide.
Although not many details regarding the initiative have been shared yet, the Emaar Group aims to close its ICO funding rounds within 12 months after its launch. However, the Emaar community token may only be purchased by Europe-based investors.
Currently, it is not clear exactly how much money the Emaar holding group is planning to raise via its ICO. As mentioned in its announcement: “Emaar [Group’s] revenues [increased] by 37% in 2018 to $7 billion and its brand value [appreciated by] 39% $2.7 billion, placing it among the highest tier brands in the world.”
"Embracing The Digital World"
According to the press release, the Emaar holding conglomerate has the “largest by listed market capitalisation in the Middle East and North Africa (MENA) region.” Mohamed Alabbar, the chairman at Emaar Properties, told Coindesk that he is planning to “extend the Emaar experience.” He remarked:
We have embraced the digital world even as we continue to build the most advanced and innovative physical structures and we use both to delight and benefit our customers and stakeholders globally. The Emaar community token marks a significant leap in our digital transformation journey.
Meanwhile Richard Olsen, the CEO of Lykke, said his company is focused on developing “cutting-edge technology infrastructure” that will help make the token accessible to a large number of users throughout the world. He noted:
We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.