Rak Properties Accepts Cryptocurrency for Real Estate
Rak Properties, one of the largest public real estate firms in the UAE, has announced it will start accepting cryptocurrencies for international real estate deals.
As of a recent announcement, they will particularly accept payments in Bitcoin (BTC), Ether (ETH), and Tether (USDT). This initiative underscores the increasing acceptance of digital currencies in the UAE, which is expected to become a significant player in this space in the near future.
Transactions will be facilitated through Hubpay, a payment platform operating in the region. Hubpay will convert the cryptocurrencies into local fiat currency, which will then be deposited into a Rak Properties account.
Rahul Jogani, the company’s CFO, mentioned, “By enabling and supporting the use of digital assets, we are engaging with new digital ecosystems and clients familiar with digital investments.”
Ras Al Khaimah, where Rak Properties is based, is the fourth largest emirate in the UAE, home to around 400,000 residents.
Since its listing on the Abu Dhabi Stock Exchange in 2005, Rak Properties has reached a market capitalization of approximately 4.7 billion dirhams (around $1.3 billion), according to TradingView.
Looking ahead, the company plans to develop 12 new projects by 2025. Its net profit increased by 39% year-on-year, rising from 202 million dirhams last year to 281 million dirhams this year.
Growing Cryptocurrency Acceptance in the UAE
The trend of cryptocurrency adoption in the UAE is steadily on the rise. The country has positioned itself as a leader in the crypto industry, becoming a desirable hub for web 3 companies and investors.
Chase Ergen, a board member at Defi Technologies, predicts that the crypto sector could become the second largest in the country within five years.
Data from Chain Analysis indicates that crypto activity in the UAE is expanding across all transaction sizes, with small retail transactions experiencing a remarkable year-on-year increase of over 75% since June 2024.
