Emaar Properties, one of the largest developers in the United Arab Emirates is set to launch a loyalty programme powered by blockchain technology.
An initial coin offering in Europe will be considered within a year of the internal launch of its blockchain platform and community token.
“This will be among the first referral and loyalty tokens in the world giving access to an existing operational ecosystem of close to USD10 billion (AED36.73 billion),” said Emaar Properties in a press release.
The token will be transferable across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping.
Swiss-based Lykke AG is leading the technology build of Emaar’s community token based on the Ethereum blockchain and the ERC20 token framework.
Emaar Properties is the developer of the iconic Burj Khalifa, The Dubai Mall, Dubai Opera and The Dubai Fountain.
Mohamed Alabbar, Chairman of Emaar Properties, said, “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.”
Richard Olsen, Founder and CEO of Lykke, said, “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 the size of the 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.”
Emaar grew revenues by 37 per cent in 2018 to USD7 billion (AED25.71 billion) and its brand value by 39 per cent to USD2.7 billion (AED9.9 billion), placing it among the highest tier brands in the world.