Bitcoin News Today: RAK Properties Embraces Crypto to Attract Global Digital Investors

RAK Properties, a leading real estate developer in Ras Al Khaimah, United Arab Emirates, has announced a strategic initiative to accept cryptocurrency payments for property transactions. The move, facilitated through a partnership with Hubpay, a fintech platform licensed by Abu Dhabi Global Market (ADGM), allows international buyers to pay for properties using major digital assets such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). These digital assets are instantaneously converted into UAE dirhams (AED) and settled directly into RAK Properties’ account through Hubpay’s regulated platform. This initiative aims to attract a new segment of globally inclined, digitally-savvy investors to Ras Al Khaimah’s growing real estate market.

The collaboration primarily targets the Mina beachfront community, a flagship development by RAK Properties. The project is currently under rapid construction, with more than 800 units expected to be delivered by year-end. By broadening its payment options, the developer positions itself at the forefront of real estate innovation in the UAE. The initiative aligns with Ras Al Khaimah’s Vision 2030 strategy, which emphasizes economic diversification, infrastructure growth, and the attraction of foreign investment. RAK Properties, listed on the Abu Dhabi Securities Exchange since 2005, has demonstrated strong financial performance, reporting a 39% year-over-year increase in net profit, reaching 281 million dirhams in 2024.

The partnership with Hubpay ensures full regulatory compliance, as all crypto transactions are processed through Hubpay and its partners licensed under Dubai’s Virtual Asset Regulatory Authority (VARA). This approach guarantees transparency and security for all high-value transactions. Rahul Jogani, Chief Financial Officer at RAK Properties, emphasized the significance of the initiative, stating that it marks a new chapter in the developer’s 20-year journey and reinforces its role as a forward-thinking brand. The decision also reflects a broader trend of digital asset adoption in the UAE, with Chainalysis data showing that small retail crypto transactions in the country grew by over 75% year-on-year as of mid-2024.

The initiative is part of a broader regional effort to position the UAE as a global hub for blockchain innovation and digital asset adoption. Clear regulatory frameworks, the absence of taxes on crypto gains, and a growing appetite for digital finance have attracted both institutional and retail investors. Chase Ergen, a board member of DeFi Technologies, has forecast that crypto could become the UAE’s second-largest economic sector within five years. As the UAE continues to refine its regulatory environment, the integration of digital assets into real estate transactions demonstrates a commitment to innovation and financial flexibility.

RAK Properties’ move to accept crypto payments also highlights the developer’s long-term vision as it celebrates its 20th anniversary. The company is currently expanding its portfolio with 12 new projects, with the Mina development serving as a central focus. By embracing digital payment methods, RAK Properties not only enhances its appeal to international investors but also contributes to the UAE’s broader economic transformation under Vision 2030.

Source:

[1] Major UAE Real Estate Developer RAK Properties to Accept (https://finance.yahoo.com/news/major-uae-real-estate-developer-125740562.html)

[2] UAE's RAK Properties to accept Bitcoin, crypto for real (https://cointelegraph.com/news/uae-rak-properties-accept-bitcoin-cryptos-real-estate)

[3] Bitcoin Payments Now Accepted by Major UAE Real Estate (https://coinmarketcap.com/academy/article/bitcoin-payments-now-accepted-by-major-uae-real-estate-firm)

[4] RAK Properties to Accept Bitcoin and Crypto for Real (https://coincentral.com/rak-properties-to-accept-bitcoin-and-crypto-for-real-estate-in-uae/)