Dubai-based real estate developer Damac Properties will start accepting bitcoin and ethereum
Emirati real estate giant Damac Properties announced on Wednesday that it is adding two major cryptocurrencies, Bitcoin and Ethereum, as new payment options, reports Khaleej Times.
Damak General Manager Ali Sajwani says the Dubai-based company has embraced crypto as part of its digital transformation effort.
On top of that, the company will invest around 367 million UAE dirhams ($100 million) in its new Metaverse project that seeks to build virtual cities.
Damak, which was established in 2002, has a presence in several countries including the UK, Qatar, Saudi Arabia and Oman. The company posted 3 billion UAE dirhams ($816.8 million) in revenue last year, but it continues to struggle to achieve profitability.
In November, it was acquired by Dubai-based billionaire Hussain Sajwani’s Maple Invest Company Limited. Last month, it was converted into a private firm after regulatory approvals. Branching out into digital assets could potentially save a company’s bottom line.
A Growing Crypto Hub
Dubai is fast turning into one of the top cryptocurrency hubs in the world due to a compliant regulatory regime.
The world’s largest cryptocurrency exchange, Binance has recently opened over 100 jobs in the UAE after receiving the highly coveted virtual currency license.
FTX and other competitors also decided to set up shop in the Gulf State.
Dubai’s crypto allure comes amid growing scrutiny from aggressive international watchdogs. The Financial Action Task Force (FATF), a Paris-based intergovernmental organization designed to combat money laundering, was put on the “grey” list due to “strategic deficiencies” in combating strategic cash flows to the UAE. FATF has shocked the country’s economic competitiveness.