RAK Properties, one of the largest publicly traded real estate company in the Ras Al Khaimah emirate of the United Arab Emirates (UAE), will start accepting cryptocurrency for international property transactions.
According to a Monday announcement, RAK Properties will begin accepting payments in Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT), among others. The move underscores the growing adoption of digital assets in the UAE, a sector projected to become one of the country’s largest in the coming years.
Crypto transactions will be handled by Hubpay, a global payments platform based in the region. Hubpay will convert digital assets into the UAE’s local fiat currency before depositing them into RAK’s accounts.
“By enabling and supporting the use of digital assets, we are engaging with a new ecosystem of digitally and investment savvy customers [...],” said RAK Properties chief financial officer Rahul Jogani.
Ras Al Khaimah is the UAE’s fourth-largest emirate by area, with a population of about 400,000.
RAK Properties, listed on the Abu Dhabi Securities Exchange since 2005, has a market capitalization of 4.7 billion dirhams ($1.3 billion), according to TradingView.
The developer is expanding in 2025 with 12 new projects, though the total size of its portfolio remains unclear. Its net profit rose 39% year-over-year, climbing to 281 million dirhams in 2024 from 202 million dirhams the year before.
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Crypto adoption in UAE increases
Crypto adoption in the United Arab Emirates has been growing steadily. The country is one of the most progressive for the crypto industry and has become a sought-after destination for Web3 businesses and investors alike.
According to Chase Ergen, a board member of digital asset investment company DeFi Technologies, crypto is forecast to become the country’s second-largest sector in five years.
According to Chainalysis, UAE crypto activity grew across all transaction size brackets over the past few years, with small retail transactions jumping by over 75% year-over-year as of June 2024.
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