UAE developer to launch a community token

UAE property developer and the owner of Burj Khalifa Emaar Group teamed up with a Swiss startup Lykke AG to develop and launch a community token, Emaar announced in a press release. The Emaar token will be available for the company’s customers and partners by the end of 2019, and an initial coin offering in Europe is planned to end within a year of the platform’s launch. The ICO will offer membership to a loyalty scheme, and not, as one might expect, ownership of the iconic Burj Khalifa building itself.

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

Customers will be able to use the token across the entire global Emaar ecosystem—real estate, malls, hospitality, entertainment, facilities management, and online shopping.