UAE Property Developer to Enable Property Purchases via Crypto

MAG, the leading real estate developer in the United Arab Emirates (UAE) has entered into an agreement with CoinMENA to facilitate real estate purchases using cryptocurrencies in an effort to accelerate the growth of Dubai’s new economy.

MAG, the UAE’s leading property developer has signed an agreement with CoinMENA, a leading crypto asset service provider in the Middle East and North Africa (MENA), to allow real estate purchases using cryptocurrencies. Under the newly signed agreement, MAG will accept stablecoins, including USDC and USDT per a press release.

What is CoinMENA?

CoinMENA is a Bahrain-based crypto asset service provider that is regulated and licensed by the Central Bank of Bahrain as a crypto asset service provider – category 3. CoinMENA allows retail and institutional investors to connect their bank accounts with the CoinMENA wallets directly, thereby providing access to crypto asset investment options. CoinMENA’s goal is to empower new and seasoned investors in the MENA region who want access to the crypto asset sector and the option to do so by allowing them to participate in the new digital economy. The company allows investors to buy, sell, store, and receive digital assets safely and securely as well as deposit and withdraw funds in their local currencies.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG commented:

We are delighted to sign this agreement with CoinMENA to accept cryptocurrency transactions through its state-of-the-art platform. It is crucial for us to evolve, address current market dynamics, and meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency. As a catalyst for Dubai’s real estate industry, we will spare no effort to progress upon the emirate’s digital economy and consolidate its prominent global position.

Talal Tabbaa and Dina Sam’an, CoinMENA’s founders said in a joint statement:

We are excited to announce this agreement with MAG as it signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase ‘real world’ assets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.