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Dubai’s Emaar Group to launch cryptocurrency token on Ethereum blockchain

Dubai's Emaar Group to launch cryptocurrency token on Ethereum blockchain

Emaar Group, the world’s largest property development company outside China, and the largest by listed market capitalisation in the Middle East, is planning to launch ERC20 token on Ethereum blockchain by the end of 2019, company announced today.

According to the official statement, new token “will allow Emaar’s customers and stakeholders to reap the value of a full referral and loyalty system across the entire group, cementing the global brand and opening the Emaar experience potentially to billions of internet users.”

The developer of the iconic Burj Khalifa, The Dubai Mall, Dubai Opera, The Dubai Fountain and premium lifestyle communities, Emaar group, will colaborate with Swiss-based Lykke AG, who will lead the project to build Emaar’s community token based on the Ethereum blockchain and the ERC20 token framework. Emaar Group said that its new cryptocurrency token “will be transferable across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping.”

“This will be among the first referral and loyalty tokens in the world giving access to an existing operational ecosystem of close to US$10 billion, and an initial coin offering in Europe (ICO) will be considered within 12 months of the internal operational launch of the platform,” the announcement reads.

“We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience. 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,” said Mohamed Alabbar, the Chairman of Emaar Properties.

The company also quoted the Founder and CEO of Lykke, Richard Olsen, saying, “We have developed cutting edge technology infrastructure with mass-market usability to support our core belief that all mobile and internet users should be able to participate in economic activity, regardless of size of contribution. We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”

This highlights Emaar’s intense focus on innovation and providing the most complete experience to drive customer service, loyalty and referral across its businesses, thereby enhancing customer satisfaction, growth and profitability.

Emaar grew revenues by 37 per cent in 2018 to US$7 billion and its brand value by 39 per cent to US$2.7 billion, placing it among the highest tier brands in the world.

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