RAK Properties Partners with Hubpay to Accept Crypto Payments for Real Estate

RAK Properties, a major UAE real estate developer, has partnered with fintech firm Hubpay to accept crypto payments for property purchases. The move targets younger, digital-first investors and supports Ras Al Khaimah's Vision 2030 strategy. All crypto transactions will be fully regulated, converted into dirhams, and settled directly into RAK Properties' accounts. The partnership aims to broaden the emirate's global investor base and position Ras Al Khaimah as a global real estate destination.

Ras Al Khaimah, one of the United Arab Emirates' (UAE) largest emirates, is taking a significant step towards embracing digital currencies in its real estate market. RAK Properties, a major real estate developer, has announced a partnership with fintech firm Hubpay to enable property purchases using cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether’s USDT (USDT) [1, 2, 3].

The move aligns with Ras Al Khaimah's Vision 2030 strategy, which aims to diversify the economy, enhance infrastructure, and attract foreign investment. By accepting crypto payments, RAK Properties aims to tap into the growing global investor base that is increasingly adopting digital currencies. The partnership with Hubpay will facilitate the conversion of crypto assets into the UAE’s local fiat currency, dirhams, and settle the funds directly into RAK Properties' accounts [1, 2, 3].

Rahul Jogani, the Chief Financial Officer of RAK Properties, stated that the initiative is part of the company's strategy to engage with a new ecosystem of investment-savvy, digital-first clients. He emphasized that the partnership with Hubpay will open the door to new global buyers eager to invest in Ras Al Khaimah's real estate market [1, 2].

The partnership comes at a time when the UAE is positioning itself as a regional hub for blockchain innovation and crypto finance. The country's clear regulatory frameworks and lack of tax on crypto profits have made it an attractive destination for crypto firms and investors. The UAE's regulatory environment is designed to provide high levels of oversight and security, ensuring compliance with international standards [1, 2, 3].

The move also coincides with the ongoing expansion of Mina Al Arab, a key waterfront development in Ras Al Khaimah. The addition of crypto payment options is expected to broaden its global investor base and support the emirate's vision of becoming a leading real estate destination [3].

References:
[1] https://cointelegraph.com/news/uae-rak-properties-accept-bitcoin-cryptos-real-estate
[2] https://www.cryptopolitan.com/uaes-rak-properties-to-accept-crypto/
[3] https://finance.yahoo.com/news/major-uae-real-estate-developer-125740562.html