Dubai: Damac properties to accept cryptocurrency payment

Damac Properties, which is a major Dubai-based real estate developer, has disclosed that it would accept payment for properties in cryptocurrency.

Damac Properties, which is a major Dubai-based real estate developer, has disclosed that it would accept payment for properties in cryptocurrency.

According to the sources, Damac stated that it would accept any of the payments for its properties made through Ether and Bitcoin, the two most significant crypto assets by market capitalization.

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The company has highlighted that allowing such payments will give many more options and will be easy for real estate investors.

Moreover, the Dubai-based property developer thinks that facilitating property investments with the use of cryptocurrency could change the real estate industry.

Established in 2002, Damac provides commercial and residential properties in the UAE, with an international presence in Lebanon, Saudi Arabia, Oman, Jordan, Iran, Qatar and the United Kingdom.

While commenting upon the company’s latest decision, Ali Sajwani, General Manager of operations of Damac, said, “This move towards consumers holding cryptocurrency is one of our initiatives to accelerate the current economy for new generations and the future of our industry. International businesses like ours must stay at the top of development. Offering yet another transactional mode is thrilling, and we are glad to acknowledge the value this technology brings to our buyers.”

Damac Group, the parent company of Damac Properties, has recently announced that it is looking forward to building digital cities in the metaverse.

The D-labs initiative will be led by Sajwani, while Damac Group said it would insinuate capital up to $100 million into the project.

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As Damac shows its support for cryptocurrencies, many companies have adopted the same in Dubai.

YallaMarket, a grocery delivery service, has also disclosed that it accepts stablecoins USDT and USDC as payment. The startup is also considering methods to pay employees’ wages in crypto.

Bake N More, which is another Dubai-based business, also became the first cafe in the city to accept crypto payments. As per the company’s owner Mohammad Al Hammadi, the cafe has witnessed increased cryptocurrency transactions just two days after revealing the new payment option.

Tariq Saeed

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