In Juli this year, the Tezos Foundation signed a MoU (Memorian of Understanding) with Taibah Valley. This agreement formed the basis for Tezos adoption in the GCC (Cooperation Council for the Arab States of the Gulf). Read more about Taibah Valley and its importance in the region here.
Two months later, Sustain Exchange announced that it will integrate the Tezos protocol in their future primary STO issuance platform. Sustain Exchange is based in the UAE, the United Arab Emirates (Best known for its capital city: Dubai). The UAE is one of the five members of the GCC.
Today, Aqar Chain announced the development of a real estate investment platform on Tezos to issue and trade STO's. "Aqar Chain is creating a real estate investment platform to unleash the opportunities in the blockchain era. This new platform will give investors access to a new and lucrative asset class to add to their investment portfolio." This is the second exchange in the region that will be issuing and trading STO's on the Tezos blockchain. According to eyeofriyadh.com, Aqar Chain is also pursuing a licence from Dubai International Financial Center, to offer CAT4 crowdfunding for real estate projects.
“The readiness and ease-of-use of the Tezos platform, along with its robust security standards, gives us an infrastructure and the capability of adapting to our business model. Tezos has also recently acquired a shariah compliance certificate which enables us to offer 100 percent, sharia-compliant investment option to our investors. This will help us widen our investor scope.” - Haitham AlHammadi, COO, of Aqar Chain
Earlier this year, Tezos Gulf, which is a subsidiary of the Swiss-based Tezos Foundation, received a Sharia Certificate from Shariyah Review Bureau (SRB). This means that Tezos-based (financial) products can now be created in compliance with Islamic law.
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