UAE Crypto Update
RAK Properties, the Ras Al Khaimah–based real estate developer listed on the Abu Dhabi Securities Exchange, has announced it will now accept cryptocurrency payments for international property sales. Buyers will be able to pay with Bitcoin, Ethereum, and USDT through a new partnership with fintech platform Hubpay.
All transactions will be instantly converted into UAE dirhams by Hubpay before being settled into RAK Properties’ accounts, ensuring compliance with regulations under the Virtual Assets Regulatory Authority (VARA).
Chief Financial Officer Rahul Jogani said the move opens doors to a new wave of tech-driven, investment-focused clients. The company, which holds a market capitalization of $1.3 billion, reported a 39% year-on-year net profit increase in 2024, rising to AED 281 million from AED 202 million.
The initiative is set to boost demand for the company’s flagship Mina Al Arab waterfront development, where over 800 units are expected to be delivered by year-end.
Crypto adoption in the UAE continues to accelerate. Chainalysis data shows retail-level transactions surged by more than 75% year-on-year as of June 2024. Experts predict digital assets could become the country’s second-largest economic sector within the next five years.
By embracing crypto payments, RAK Properties aligns itself with Ras Al Khaimah’s Vision 2030 strategy to attract global investors and position the emirate as a hub for innovation and world-class infrastructure.
