Emaar Moving forward with its Security token offering
In a recent piece on CoinDesk, CEO Saum Noursalehi of Tzero, a security token trading platform, announced that it has signed a letter of Intent with Emaar, a big client which will issue security tokens on its platform. As stated in CoinDesk piece “Dubai-based real estate giant Emaar has signed a letter of intent to issue tokens on tZERO. Emaar owns luxury residential and commercial high-rises, including the world’s tallest building, the Burj Khalifa in Dubai.”
Emaar had recently announced plans to carry out a community loyalty token partnership with Lykke. It also eluded to an ICO offering within 12 months.
In the Coindesk piece Noursalehi states, “At first, Emaar will do some initial small, proof-of-concept issuance to prove it out. Although the company is looking into launching a token issuance project as big as $2 billion in the next couple of years, no timeline or other details of the future deal are set now, he adds, but “we want to get a definitive contract in the next week or two.”
UNLOCK tried to contact Emaar representatives who declined to comment on what they called non-binding letter of intents.
It does seem that Emaar is moving forward with its plans for an STO offeirng in line with what many other real-estate conglamorates are doing. The future months will witness more agremeents and letter of intents being signed. It will also be interesting to see from which jursidiction the STO will be offered given that UAE has yet to legislate or regulate either ICO and STO markets.