ASA Ventures, the venture capital firm based in Dubai joins blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group. This joint venture will manage the buy-out and tokenization of real estate assets in the UAE and Portugal.
The group will henceforth issue Sukuk tokens that will consist of one security token and two utility tokens for asset and property management that will be fully compliant with Sharia principles.
The recording and tracing cash flow will be more transparent and secure with the help of the blockchain protocol.
Participating investors will be entitled to remuneration through Gallery STO from the proceeds of vacation rentals in Dubai and Lisbon, two major world capitals with boosting tourism industries. The 2018 revenue reports from short-term rentals via properties listed on AirBnB in Dubai has drastically increased to 69% as compared to the last year while in Portugal revenues for short-term rentals shot up to 260,000,000 euros in 2015.
ASA Ventures CEO Arif Saiyad said that it is, "Aligned with ASA's objective to empower people by making things more convenient for everyone who wants to invest in real estate in Dubai as well as in Portugal." Saiyad originally belongs to Lisbon and has always been instrumental in pushing the cross-industry startups to European and MENA regions.
The IBC Group Limited chairman, the prominent blockchain investor and one of the Top 100 Most Influential Muslims of 2018, His Excellency Khurram Shroff said, "Through blockchain technology, Gallery STO can give more investors the opportunity to diversify their portfolio and ultimately help boost the real estate sector in Dubai."
Gallery STO is to be introduced at Malta Blockchain Summit this year. The SAFT launch will be announced later during which 2,000,000 available tokens will be offered. When the tokens are expected to be offered publicly will be announced at a later date.