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Saudi Real Estate Company to Tokenize Maldives Trump Hotel, Targeting US Investors
BlockBeats News, November 19th, according to Reuters, Saudi real estate developer Dar Global plans to tokenize the new Trump-branded hotel project in the Maldives and sell tokens to U.S. retail investors to raise most of the project's funding.
Dar Global CEO Ziad El Chaar told Reuters that the company will tokenize up to 70% of its luxury resort project as a primary fundraising strategy, leveraging blockchain technology and achieving maximal distribution of token holders.
Unlike the usual model of tokenizing after the real estate is completed, Dar Global's plan with the Trump Group indicates tokenization during the development phase, allowing investors to access relevant exposure from the outset of the project, according to a news release issued on Tuesday. According to another report by Bloomberg, the Maldives project is currently valued at around $3 billion, with Dar Global intending to retain a 30% to 40% ownership stake.
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