The UAE real estate giant, Damac Properties, has announced that it will start accepting payments in Bitcoin, Ethereum.
The United Arab Emirates has been a hotbed for cryptocurrency and blockchain activity in recent months. And now, Damac Properties, one of the country’s leading real estate firms and listed in the Dubai Financial Market (DFM), has announced that it will start accepting payments in Bitcoin and Ethereum.
This move is part of the company’s larger goal to transform the future of global property development by making high-end real estate more accessible to a wider range of buyers.
DAMAC Properties, founded by the billionaire Hussain Sajwani, is a Dubai developer that has been shaping the Middle East’s luxury real estate market since 2002. They’ve delivered around 35,000 properties including iconic residential, commercial, and leisure projects across the region, Canada, and the United Kingdom to meet customers’ needs with style unparalleled in both designs as well quality terms for over 20 years.
Sajwani is known for his lavish lifestyle and over-the-top marketing tactics, which have included giving away free Lamborghinis to buyers of his upscale properties. In 2013, he teamed up with Donald Trump to launch multiple Trump-branded golf courses in Dubai.
In 2018 he explained this full story in the magazine Arabian Business interview about the 2008 real estate crash. He was confident that his company will weather the storm. ” he said, “I don’t mind the cold.”
He quickly made a name for himself with his aggressive marketing tactics and willingness to take risks. In the early 2000s, he was one of the first developers to build apartments in Dubai’s now-infamous Palm Jumeirah district. Given his track record, it’s no wonder that Trump chose to partner with him on the golf course project.
The Crypto adoption in the UAE
The United Arab Emirates (UAE) is one of the most progressive countries in the world with respect to cryptocurrency and its integration into society. This move is expected to further legitimize cryptocurrency as an accepted form of payment and could pave the way for wider adoption across other industries in the UAE. Crypto enthusiasts around the world are watching this development with great interest!
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The article’s writer Noah Jones did not hold any positions in assets or companies mentioned in this article on the date of publication. His opinions are articulated herein, and the reader accepts that some opinions could change as a result of newer information being revealed.
He has over 7 years of experience in crypto trading.
noahjones@crypto.auz.net
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