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Dubai’s developer Damac says will accept cryptocurrencies Bitcoin and Ethereum

The move will revolutionise future of real estate and provide convenience to investors worldwide

Published: Wed 27 Apr 2022, 4:27 PM

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Real estate developer Damac Properties on Wednesday announced that it would sell property against cryptocurrencies Bitcoin and Ethereum.

The Dubai-based company noted that facilitating the purchase of property through cryptocurrency will revolutionise the future of real estate. it will also provide convenience and optionality to real estate investors worldwide.

“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, general manager of operations at Damac and lead of the organisation’s digital transformation initiatives.

He added: “It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognise the value this technology brings to our customers.”

The adoption of cryptocurrencies is increasing at an exponential rate in the UAE. Recently, a Dubai-based announced Bake N More and delivery startup YallaMarket announced that would accept cryptocurrencies as mode of payment.

The UAE’s determination to develop the crypto industry has attracted large companies recently. Major crypto exchanges are shifting their base to Dubai following the Government’s decision to issue virtual asset licenses under the Dubai Virtual Assets Regulatory Authority.

Dubai is heading towards becoming a crypto hub. The Emirate is also promoting other virtual assets with crypto-friendly regulations.

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In March, the world’s two major cryptocurrency platforms will crypto.com and Singapore-based Bybit announced their plans to set up their regional and global headquarters in Dubai.

Earlier this week, Damac, data centre firm Edgnex, luxury jeweller de-Grisogono and fashion house Roberto Cavalli announced a plan to embark into the metaverse world and build their own digital cities. The Group plans to invest capital up to US$100 million for the project.

The Group will be run under the banner, ‘D-Labs’, and will be led by Ali Sajwani. The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT).

-waheedabbas@khaleejtimes.com



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