ASA and IBC to launch Gallery STO

Last Updated on Friday, 24 May, 2019 at 11:22 am by Christian Keszthelyi

Dubai-based venture capital ASA Ventures partners up with blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group, soon to be regulated entity in Malta, according to the press release.

Gallery STO is to be introduced at this year’s Malta Blockchain Summit starting today.

The group will issue sukuk tokens, consisting of one security token and two utility tokens for asset management and property management, all fully compliant with Islamic (Sharia) principles, the press statement says.

Through Gallery STO, participating investors will be entitled to remuneration from the proceeds of vacation rentals both in Dubai and Lisbon, two major world capitals with flourishing tourism industries.

“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,” said ASA Ventures CEO Arif Saiyad expressed 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,” said Khurram Shroff, IBC Group Limited chairman.

- Advertisement -