Dubai-based actual property developer Damac Properties will begin accepting Bitcoin and Ethereum
Emirati actual property large Damac Properties introduced Wednesday that it’s including Bitcoin and Ethereum, the 2 main cryptocurrencies, as new cost choices, Khaleej Instances reviews.
Ali Sajwani, common supervisor at Damac, says that the Dubai-based firm has embraced crypto as a part of its digital transformation effort.
On high of that, the corporate will make investments roughly 367 million UAE dirhams ($100 million) into its new Metaverse undertaking that aspires to construct digital cities.
Damac, which was based again in 2002, has a presence in a slew of nations, together with the U.Ok., Qatar, Saudi Arabia and Oman. The corporate posted 3 billion UAE dirhams ($816.8 million) in revenues final 12 months, nevertheless it continues to battle to realize profitability.
In November, it was acquired by Dubai-based billionaire Hussain Sajwani’s Maple Make investments Co Restricted. Final month, it was transformed to a non-public agency following regulatory approval. Branching out into digital property might doubtlessly save the corporate’s backside line.
A rising crypto hub
Dubai is swiftly turning into one of many world’s high cryptocurrency hubs due to a tailor-made regulatory regime.
Binance, the world’s largest cryptocurrency trade, not too long ago opened greater than 100 jobs within the UAE after buying a extremely coveted digital foreign money license.
FTX and different opponents additionally determined to arrange store within the gulf state.
Dubai’s crypto attraction offensive comes amid growing scrutiny from worldwide watchdogs. Monetary Motion Activity Power (FATF), a Paris-based intergovernmental group designed to fight cash laundering, the UAE was placed on the “gray” record because of “strategic deficiencies” in combating strategic money flows. The FATF delivered a blow to the nation’s financial competitiveness.