Emaar Group is working on the great potential of “Block Chain” technology with plans to present token-codes for a digital currency for its customers and partners by the end of this year.
The move reflects Emaar’s focus on innovation, delivering a more integrated customer service experience, enhancing customer loyalty and satisfaction, and thus their role in introducing the benefits of the Group’s projects, this reflects positivity on Emaar’s growth and profitability.
The Emaar tokens enable customers and stakeholders to take advantage of the referral and loyalty system throughout the group, creating a global brand positioning, and providing billions of Internet users with an opportunity to test Emaar’s experience, according to a statement released by the company.
This will be among the first “e-currency” symbols for referral and loyalty in the world, offering access to the operational work of the system worth up to about $ 10 billion, and will study the possibility of Initial Coin Offering (ICO) in Europe within 12 months of the internal launch of the platform.
Lykke AG is the company which is going to handle Emaar’s digital currency technically, will design cions based on the “Ethereum” blockchain framework ERC20 symbols, which will be transferable throughout the global sustainable systems, including real estate, shopping malls, entertainment hospitalities, facilities management, and online shopping.
Mohamed Alabbar, Chairman of Emaar Properties, said: “We are always looking forward to expanding our presence and enhancing the growth of our operations, which is reflected in our focus on digital transformation, even during this period where we continue to develop new and innovative destinations. The launch of the digital currency system is for the construction of a quantum leap in the digital transformation of the group, and some tangible benefits for our customers and all stakeholders in the world.”
Richard Olsen, Founder and CEO of Lykke AG, said: “We have developed a modern and widely usable infrastructure, with the aim of giving mobile users and the Internet the opportunity to participate in economic activities, regardless of the size of this participation, and expertise to support Emaar’s vision to deliver value and benefit to millions of users worldwide. “
Emaar’s revenues grew by 37 percent in 2018 to $ 7 billion, while it’s brand value rose 39 percent to $ 2.7 billion, making it one of the world’s largest brands.
Emaar, which has developed landmarks such as Burj Khalifa, Dubai Mall, Dubai Opera and Dubai Fountain, as well as many iconic residential destinations, is the world’s largest real estate developer outside China.