The United Arab Emirates continues to solidify its position as a global hub for digital asset innovation, with its real estate sector increasingly embracing cryptocurrency transactions. In a notable development, RAK Properties, a prominent developer based in Ras Al Khaimah, has announced a strategic partnership enabling clients to purchase properties using digital currencies. This move reflects a growing convergence between traditional financial markets and the burgeoning digital asset economy, signaling a forward-thinking approach to investment and accessibility in the region.
- RAK Properties now accepts cryptocurrencies for property purchases in Ras Al Khaimah.
- The developer has partnered with Hubpay, a regulated digital payments platform, to facilitate transactions.
- Accepted cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), and USDT.
- Hubpay will convert digital assets into UAE Dirhams (AED) before transferring funds to the developer.
- This initiative aims to attract a new ecosystem of digitally-savvy international investors.
- The move aligns with Ras Al Khaimah’s Vision-2030 strategy for crypto asset adoption.
RAK Properties Partners with Hubpay for Digital Asset Payments
The developer has partnered with Hubpay, a regulated digital payments platform, to facilitate these transactions. Under this agreement, RAK Properties will accept various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDT, for property acquisitions within Ras Al Khaimah, particularly for developments in the Mina Al Arab resort area. Crucially, RAK Properties will not directly handle digital assets; instead, Hubpay will process all cryptocurrency payments, converting them into UAE Dirhams (AED) before transferring the funds to the developer. This operational model ensures compliance and leverages Hubpay’s regulatory standing, as the platform is registered with the Virtual Asset Regulatory Authority (VARA) and supervised by the Abu Dhabi Global Market (ADGM).
Enhancing Investment Appeal and Aligning with Vision 2030
This initiative is designed to enhance the investment attractiveness of RAK Properties’ portfolio and broaden its reach to an international client base. By offering cryptocurrency as a payment option, the company aims to engage a new ecosystem of digitally-savvy international investors, reinforcing its brand as a progressive and reliable master developer. Rahul Jogani, CFO of RAK Properties, emphasized that this partnership marks a significant step in the company’s strategy for innovation and accessibility, making investments in Ras Al Khaimah simpler and more appealing to a global clientele. Furthermore, this move aligns with Ras Al Khaimah’s overarching Vision-2030 strategy, which advocates for the adoption of crypto assets and the broader integration of blockchain technology within its economic framework.
UAE’s Broader Embrace of Digital Assets in Real Estate
The integration of digital assets into the real estate market is not an isolated trend in the UAE. The nation has consistently demonstrated a proactive stance in exploring blockchain and cryptocurrency applications across various sectors. Previous initiatives, such as the partnership between the MANTRA blockchain team and the DAMAC Group conglomerate to tokenize $1 billion worth of real estate, underscore the UAE’s commitment to leveraging emerging technologies to transform its property market and attract global capital. RAK Properties’ latest venture further exemplifies this progressive trajectory, positioning the emirate at the forefront of digital asset adoption in the global property landscape.
Senior Crypto Correspondent with over 8 years of experience covering Bitcoin, altcoins, and blockchain technology for leading financial publications. Alexander holds a master’s degree in Financial Economics and specializes in in-depth market analysis, regulatory updates, and interviews with top industry figures.