DAMAC seeks to revolutionize Dubai’s real estate and make it easy for its real estate clients to make payments.Â
On April 27, a popular Dubai-based real estate firm, DAMAC, revealed that its customers can now pay for its real estate through cryptos. While it would only support crypto payments in Bitcoin and Ethereum, for now, it plans to add more cryptos before the year ends.
The company remarked that it started supporting crypto payments because it believes that crypto is the future of all industries, no matter the region, or industry including real estate. Also, potential investors now have a universally-accepted option to make payments in crypto and purchase their desired real estate.
DAMAC’s general manager and head of digital transformation, Ali Sajwani, commented that “the move for customers to hold crypto is one way we intend to enable the newer generation to access the new economy. It is also the future of our industry.”
He further said, “it is important for a renowned business like ours to remain on top of developments in the new economy. It is exciting that we can offer a new mode of transaction, and we are happy to support this technology and bring smiles to our customers’ faces.” The crypto space in UAE keeps growing rapidly, with many merchants starting to support crypto payments.
The multi-billion-dollar valued business behemoth is owned by Hussain Sajwani, a business mogul with several years of experience, publicly listed on the Dubai Financial Market. The DAMAC group is not only into real estate development; it also has diverse interests in data centers, manufacturing, capital markets, hotels & resorts, and high-end fashion.
The group rose to prominence following its acquisition of Roberto Cavalli (a popular Italy-based fashion house) and De-Grisgono (a high-end Swiss Jewellery brand). Its other notable properties include:
- The London-located Nine Elms (a 50-story tower).
- A high-end apartment in the Maldives.
- Several shopping malls in the heart of Iraq.
The company’s investment subsidiary has plans to invest $3.5B in various hot markets in the US and Western Europe. Recently, the group acquired Edgenex intending to establish various data centers across several continents.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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