Real Estate Giant Damac Properties Announces Crypto as a Form of Payment in UAE

• In the United Arab Emirates, the adoption of cryptocurrencies is exploding.
• Corporation has embraced crypto as part of their digital transformation push.

Announcing Wednesday that it would accept Bitcoin and Ethereum, two of the most popular cryptocurrencies, Damac Properties is an Emirati real estate company. Damac’s general manager, Ali Sajwani, says the Dubai-based Corporation has embraced crypto as part of its digital transformation push. 

Expansion Into Digital Currency Era

For its new Metaverse project to build virtual cities, the business plans to spend around 367 million UAE dirhams ($100 million). Several nations, including the United Kingdom, Qatar, Saudi Arabia, and Oman, have Damac’s presence. However, despite generating 816.8 million UAE dirhams in sales last year, the firm is still unable to break even.

It was purchased by Hussain Sajwani’s Maple Invest Co Limited in Dubai in November. Following regulatory permission, it became a private company last month. However, the company’s bottom line might be saved if it expands into the digital currency era.

Because of a specialized legal framework, Dubai is quickly becoming one of the world’s leading crypto centers. Following the acquisition of a highly sought-after virtual currency license, Binance, the biggest cryptocurrency exchange in the world, has advertised more than 100 positions in the UAE. In addition, some of the biggest names in the industry have also chosen to locate in the Gulf State.

According to a Dubai-based corporation, real estate is about to undergo a paradigm shift because of crypto. Real estate investors throughout the globe will also benefit from this new technology. In the United Arab Emirates, the adoption of cryptocurrencies is exploding. For example, Bake N More and YallaMarket, both situated in Dubai, recently announced that they will accept cryptocurrency payments.