Homebuyers from abroad will soon be able to use crypto to purchase properties from RAK Properties, one of the leading real estate firms in Ras Al Khaimah, in the UAE. The company is working with UAE fintech firm Hubpay to allow property purchases in digital currencies like Bitcoin, Ether, and Tether’s USDT. Hubpay will handle crypto conversion into UAE dirhams and deposit the proceeds directly into RAK’s accounts. In their press release, RAK Properties stated they believe the partnership will open the door to new global buyers eager to tap into Ras Al Khaimah’s real estate market. Rahul Jogani, Chief Financial Officer at RAK Properties, even commented, “Our new partnership with Hubpay is another step forward with our strategy of innovation and accessibility as we continue to make investment in Mina, and Ras Al Khaimah, easier and more attractive to a growing international clientele.” Kilty explained that their collaboration will result in more investors for RAK Properties RAK Properties has been listed on the Abu Dhabi Securities Exchange since 2005 and is worth about 4.7 billion dirhams , equal to about $1.3 billion, according to TradingView. So far, the firm has lined up 12 new projects for 2025, though it has yet to reveal the full size of its portfolio. Its gains have also been on the rise with net profit climbing to 281 million dirhams ($76 million) in 2024, a 39% increase from 2023’s 202 million ($55 million). The firm seeks to widen its reach by offering international customers more payment options on the back of these gains. Jogani said the shift to crypto payments is strategically designed to draw more investment-savvy digital consumers and align RAK Properties as a technologically advanced yet trusted developer. Hubpay CEO Kevin Kilty argued similarly, saying that their agreement will allow RAK Properties to reach digital-asset investors worldwide. In addition, he emphasized that the regulated environment provided by Hubpay protects against large real estate transactions from non-compliance or security risks. Hubpay is regulated by Abu Dhabi Global Market (ADGM). It often works alongside Virtual Assets Regulatory Authority (VARA)-licensed entities to process crypto transactions safely and competently. Analysts say crypto investors may shift towards the UAE market UAE firms are increasingly venturing into crypto. For instance, MGX, the Abu Dhabi state investment fund, is set to move $2 billion into Binance via USD1, the recently introduced stablecoin run by World Liberty Financial, a Trump-backed venture. Chase Ergen, a board member of digital asset investment company DeFi Technologies, even projected that crypto could grow into the country’s second-biggest sector within five years. Overall, crypto activity has picked up across all deal sizes in the country, with small retail transactions rising more than 75% year-on-year by mid-2024. Analysts have also predicted that the UAE will draw in crypto players moving away from the European Union’s tighter MiCA regulations . According to industry observers, the regulatory framework that kicked in on December 30 is straining crypto firms across the EU, and some are now exploring relocation. The MiCA framework mandated provisions covering everything from issuers to CASPs, including transparency, disclosure, anti-money laundering (AML) checks, and authorization. It even mandates that some smaller stablecoin issuers keep 30% of their reserves in low-risk European banks, and larger entities, including Tether, must set aside 60% or more . Get up to $30,050 in trading rewards when you join Bybit today
