Emaar to launch blockchain-based token rewards program EMR by year-end on JPMorgan Quorum technology
EMR tokens will be tradable, exchangeable, and redeemable
Dubai, UAE — 14 October, 2019 — Emaar, the Dubai-based property developer, is releasing a new blockchain-based referral and loyalty platform later this year. Named EMR, the platform aims to reward Emaar customers with tokens for their loyalty and business referrals. EMR tokens will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users.
This is the first product of its kind being launched in the world, which aims to provide Emaar’s customers with digital tokens using blockchain technology on a mobile application. Tokenisation of loyalty points not only provides users with all the benefits current loyalty schemes offer, but also provides real monetary value through external trading platforms.
Mohamed Alabbar, Chairman of Emaar, stated: “We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”
Consumers will be able to use Emaar’s dedicated EMR mobile application on Android and iOS to access the referral and loyalty system and earn or redeem EMR tokens. The platform and tokens are built on Quorum, the JPmorgan variant of Ethereum, and are expected to be released before the end of the year, with an early sale of rights having been conducted by Bitcoin Suisse AG and ending in October.
Hadi Kabalan, Director of Tokenisation at Emaar, said: “We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar. Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.”
The recent Tokenization, Loyalty and Blockchain survey by KPMG LLP revealed that consumers across all age groups are increasingly willing to make purchases with tokens, indicating a wide range of new opportunities for businesses to engage with their customers and transform commerce using blockchain. The findings also highlighted the fact that the majority of consumers familiar with the definition of blockchain-based tokens believe it will enable them to make better use of loyalty reward points.
About Emaar Properties PJSC -
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the
world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq ft in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 56,00 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 880,000 square metres of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Today, 46 per cent of Emaar's revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, and The Dubai Mall, the world's most visited retail and lifestyle destination, are among Emaar’s trophy developments. Emaar has now launched, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com