Emaar Group From UAE To Launch Its Token
Emaar Group, a venture company from the United Arab Emirates, announced the intention to develop its own token for the partners and customers and to conduct an ICO in 2019, according to a press release.
Traditionally, Emaar Group pays much attention to innovative solutions and seeks to provide customers with a full range of possible services to meet their requirements, aimed at increasing revenues. The ICO will last one year, and foreign investors will be able to acquire the token as well.
The Arab company entered into an agreement with Lykke AG, a blockchain startup from Switzerland, to develop its own cryptocurrency. According to the agreement, the startup will issue a token based on the ERC-20 standard. The asset will be used in referral programs and will help increase the popularity of Emaar Group around the world.
The token will be used for purchases via online stores, at shopping malls, hotels, and other real estate properties owned by Emaar Group. Currently, it is the biggest company in terms of market capitalization in the countries of the Middle East and North Africa, and it owns the Burj Khalifa skyscraper, the highest building in the world, as well as large real estate objects in Dubai.
Other achievements of Emaar in 2018 include a 37% increase in profits to $7 billion. The company's brand value has grown by 39% to $2.7 billion, and it has become one of the largest in the world.
As previously reported, six banks in Saudi Arabia and the United Arab Emirates have launched a joint crypto project.