Category Archives: Dubai Department of Tourism and Commerce Marketing

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Dubai Bitcoin Towers Aston Plaza Project Delayed

Bitcoin is being used increasingly in the real estate market but it looks as though the Aston Plaza project in Dubai is one project which may be facing a delay.

The luxury residential project targeting the crypto rich launched in 2017 by high-profile U.K. entrepreneurs Baroness Michelle Mone and Doug Barrowman costing USD 323 million to build, is still only 25% complete.

Construction of the two-tower complex with 1,133 luxury apartments over 2.4 million square feet, with each flat costing between $133,000 and $379,000 in Bitcoin, has stalled and has been put “on hold” after a government inspection at the site.

The adventurous real estate project specifically aimed at the blockchain and crypto community was seen at conception as a great opportunity for bitcoin investors to convert their holdings into “real brick-and-mortar” assets, according to the founder of private equity firm Aston Ventures, Doug Barrowman.

Co-partner in the investment,  lingerie designer and peer of the UK’s House of Lords, Baroness Mone was once described as senior Scottish Conservatives as “a public relations creation, a personal brand rather than a serious businesswoman”.

Dubai has become a forward-thinking player in the blockchain environment but its enthusiasm for new technology is not simply limited to banking. Just recently, The Dubai Department of Tourism and Marketing (DTCM) launched Tourism 2.0, a blockchain enabled marketplace connecting buyers to hotels and tour operators.

Last year, the Dubai Department of Tourism and Commerce Marketing (DTCM), launched Tourism 2.0, a blockchain-backed marketplace that connects businesses in the tourism sector with each other across Dubai. As part of the Dubai 10X initiative, DTCM aims to place the city 10 years ahead of others across the globe.

 

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Dubai Tourism Introduces Blockchain B2B Marketplace

Dubai’s government has launched Tourism 2.0, a blockchain-backed marketplace that connects businesses in the tourism sector with each other across Dubai.

Launched by the Dubai Department of Tourism and Commerce Marketing (DTCM), the service is its contribution to the Dubai 10X initiative that aims to place the city 10 years ahead of others across the globe.

The marketplace is structured as a business to business (B2B) service, allowing different companies across Dubai to connect with one another directly. In a statement released Thursday by DTCM, the department said, ”By accessing hotel occupancy and room rates, operators can communicate offers and availability more effectively for their customers”.

It described the goal of Tourism 2.0 as to help transform Dubai into a top destination for global travel, business, and events, bringing ”Dubai another step closer to achieving the Vision 2020 goal’‘.
Last year saw Dubai register 15.79 million visitors to the city, an increase of 6.2 % over 2016. The Dubai Tourism Vision 2010 has set a target of 20 million tourists per year by 2020.

Utilizing the blockchain

The director general of DTCM, Helal Saeed Al Merri, asserted the department’s committal to incorporating new technologies to promote tourism within the emirate.

Al Merri recognized the economic benefits of utilizing such emerging technologies as blockchain. He said, ”By increasing the pace of digital transformation in the travel sector, Dubai is positioned to expand tourism by bringing innovative start-ups into the ecosystem, which will ultimately deliver value in terms of higher and faster conversion, and greater GDP impact.”

He also commented on the improved transparency Tourism 2.0 could offer via the blockchain, noting that the process would promote a streamlined, democratized service for tourists and businesses alike.

The blockchain allows the businesses to each contribute in a small way to run the marketplace, removing the need for involvement from a central authority such as a bank.

Recent significant blockchain innovations include NASA’s employment of the public Ethereum blockchain to enhance the efficiency of deep space travel through smart contracts.

 

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