RAK Properties, a prominent publicly traded real estate corporation in the Ras Al Khaimah emirate of the United Arab Emirates (UAE), will commence accepting cryptocurrency for cross-border property dealings.
As stated in a Monday announcement, RAK Properties will start accepting payments in Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT), among other currencies. This initiative highlights the increasing adoption of digital currencies in the UAE, a sector anticipated to rank among the country’s largest in the near future.
Hubpay, a global payment platform situated in the region, will facilitate cryptocurrency transactions. Hubpay will convert the digital currencies into the UAE’s local fiat currency before crediting them to RAK’s accounts.
“By facilitating and promoting the utilization of digital currencies, we are engaging with a novel ecosystem of tech-savvy and investment-oriented clients […],” remarked RAK Properties Chief Financial Officer Rahul Jogani.
Ras Al Khaimah ranks as the UAE’s fourth-largest emirate in terms of area, with an estimated population of around 400,000.
RAK Properties, which has been listed on the Abu Dhabi Securities Exchange since 2005, holds a market valuation of 4.7 billion dirhams ($1.3 billion), as reported by TradingView.
The developer is set to grow in 2025 with 12 new projects, although the overall size of its portfolio remains uncertain. Its net profit increased by 39% year-over-year, rising to 281 million dirhams in 2024 from 202 million dirhams in the previous year.
Related: Dubai and UAE align crypto regulations under new partnership
Growth of Crypto Adoption in the UAE
The embrace of cryptocurrency in the United Arab Emirates has been steadily increasing. The nation is among the most advanced for the crypto sector and has emerged as a desirable hub for Web3 enterprises and investors alike.
As per Chase Ergen, a board member of the digital asset investment firm DeFi Technologies, crypto is projected to evolve into the nation’s second-largest sector within five years.
Chainalysis reports that the UAE’s cryptocurrency activity has grown across all transaction sizes over the past few years, with small retail transactions surging by over 75% year-over-year as of June 2024.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
