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Mohamed Alabbar: E-currency a 'leap' in Emaar's digital evolution

Chairman says blockchain-based currency token's launch is 'a significant leap' in Emaar's digital transformation journey

Mohamed Alabbar said the currency token's launch is a 'significant leap' for Emaar.
© ITP Media Group
Mohamed Alabbar said the currency token's launch is a 'significant leap' for Emaar.

Dubai giant Emaar Group will launch blockchain-based digital currency for use across its real estate, malls, hospitality, entertainment, facilities management (FM), and e-shopping businesses by the end of 2019 in collaboration with Swiss technology firm Lykke.

The e-payment option will be rolled out to Emaar's customers following its development within the Ethereum blockchain and ERC20 token framework.

We have embraced the digital world even as we continue to build the most advanced and innovative physical structures.

Mohamed Alabbar, Emaar

The Mohammed Alabbar-led company will expand Emaar's offering to billions of users through the e-currency's launch. User numbers will further grow if an initial coin offering, which may be considered in Europe within 12 months of the platform's internal operational launch, goes ahead.

Emaar said its digital currency will be among the world's first referral and loyaly tokens to offer access "to an existing operational ecosystem of $10bn’’.

Commenting on the token's launch, Alabbar, chairman of Emaar Properties, said: “We have embraced the digital world even as we continue to build the most advanced and innovative physical structures, and use both to delight and benefit our customers and stakeholders globally."

The Emaar community token marks a “significant leap in our digital transformation journey”, added Alabbar.

Dubai's Emaar is widely known as the developer of the world’s tallest building, Burj Khalifa; the world's largest shopping centre, Dubai Mall; and upcoming projects such as Dubai Creek Harbour. The company’s revenues grew by 37% to $7bn (AED25.7bn) in 2018.

Emaar’s move to launch digital currency comes less than a year after the Emirates Blockchain Strategy 2021 programme was launched in April 2018 by the UAE Government. The strategy aims to migrate 50% of the country's government transactions to blockchain platforms by 2021.

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Construction Week - Issue 746
Jul 20, 2019