Dubai-based Emaar Properties, the real estate development company behind the Burj Khalifa skyscraper is reportedly developing a security token offering. The digital asset will be used throughout the real estate giant’s vast holdings as a part of its loyalty program. Emaar Properties is one of the largest property developers in the UAE.
The new project is being built by Lykke, a Swiss-based online marketplace. The new digital token is said to be Ethereum Blockchain-based and the ERC20 token model.
Emaar’s upcoming community token will reportedly be accepted in the company’s various holdings. They include real estate, malls, facilities management, hospitality, entertainment, and online shopping. Emaar’s total assets are worth $10 billion at least.
The leading property developer is partially owned by the Al Maktoum family. The Al Maktoum family is the royal ruling family of Dubai. Back in 2018, Emaar’s shares dropped by 39%. This figure amounted to the property developer’s lowest price-to-earnings ratio in nearly a decade.