A luxury penthouse paid for in Ethereum. A villa secured with USDT. This isn’t a glimpse into the distant future; it’s the new sales strategy for one of the UAE’s top developers, aiming to cash in on the crypto boom and Ras Al Khaimah’s red-hot market.
RAK Properties hit the headlines after an official press release stated their new partnership with Hubpay, the ADGM-regulated fintech, to enable international clients to purchase property using digital assets like cryptocurrencies.
Kevin Kilty, CEO of Hubpay, said in the official statement, that this is news to a new class of global buyers that awaits the crypto-enabled investors.
“By enabling and supporting the use of digital assets, we are engaging with a new ecosystem of digitally and investment savvy customers while at the same time strengthening RAK Properties’ status as a forward-thinking brand as well as a trusted master developer,” added Rahul Jogani, CFO at RAK Properties.
Crypto payment for properties
Clients can pay using major digital assets like Bitcoin, USDT, ETH, and others. Through Hubpay’s platform, these payments are instantly converted to UAE dirhams and settled directly into RAK Properties’ account.
Landmark projects such as the wider Al Marjan Island development, major investments from Abu Dhabi’s Aldar, and initiatives like a dedicated free zone for digital asset businesses, set Ras Al Khaimah’s property market at a new base for investors to even pay using cryptocurrencies.
Crypto transactions, managed externally for transparency
Under the new partnership, RAK Properties will not manage digital assets directly. Instead, all payments will be carried out through Hubpay and its VARA-licensed partners, ensuring all transactions remain fully compliant and transparent.
This initiative aligns with Ras Al Khaimah’s Vision 2030, bolstering RAK Properties’ long-term growth as it marks its 20th anniversary. The momentum is clear on the ground, with over 800 units in Mina slated for delivery by year-end, demonstrating to appeal to the diverse investors in the UAE and beyond.
