Burj Khalifa owner Emaar Group to develop Ethereum-based loyalty token

UAE-based real estate giant Emaar Group has announced that is developing a blockchain-based token with plans to launch an initial coin offering (ICO).

Best known for its iconic Burj Khalifa, Emaar grew revenues by 37 percent in 2018 to US$7 billion and its brand value by 39 percent to US$2.7 billion, placing it among the highest tier brands in the world.

In a press release dated March 10, Emaar said that it has collaborated with Switzerland-based Lykke to build the Emaar community token. The referral and loyalty token will be based on the Ethereum blockchain and the ERC20 token framework.

Emaar added that the token will be transferable across its entire global ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping.

“The Emaar community 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,” it said.

The company plans to offer the Emaar community token for customers and partners by the end of this year. It said that it will consider launching an ICO in Europe within 12 months of the internal operational launch of the platform.

“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,” Mohamed Alabbar, Chairman of Emaar Properties, said.