As if the sands of the ever-ebbing dunes themselves aren’t mysterious enough, RAK Properties, a behemoth among UAE’s listed developers, has commenced the bewildering venture of accepting payments in cryptocurrency for its homes. A vision undoubtedly shared by those among us who long for the thrill of investing in uncertainties!
Like Fyodor’s tormented souls seeking absolution in the shadows, buyers may now settle their transactions using the enigmatic trio of Bitcoin, Ethereum, and Tether. This grandiose initiative materializes through a partnership with Hubpay, a regulated fintech company. This enterprise, with the grace of a Russian translator, instantaneously converts such digital assets into the reliable UAE dirhams before offering them as tribute to the developer’s account. 🤑
Partnership: Not Quite a Love Letter to Global Investors
Company executives, staring into the depths of the market abyss, declare their intent to attract international buyers with a taste for the aberrant-those comfortable traipsing in digital currencies. RAK Properties casts its eyes towards developing the Mina Al Arab, a waterfront community of sorts, promising over 800 units before the year’s end retreats into night.
There enters Rahul Jogani, the treasurer of this unfolding saga, a chief financial officer who professes this misguided enthusiasm aligns with RAK’s bid to woo the “digitally and investment savvy” clientele. It’s a quest not unlike the pursuit of eternal truths from the shadows of the St. Petersburg fog. 🌫️
One of the UAE’s master-developers, RAK Properties, now allows overseas buyers to indulge in Ras Al Khaimah’s fiscal dalliances using cryptocurrencies.
Partnership with the ADGM-regulated Hubpay empowers these ventures, assuring international clients partake in property purchase using…
– Bazaar Times (@bazaartimes), September 1, 2025
The overseers of Hubpay, under the regal Abu Dhabi Global Market, dutifully proffer the scaffolding to ensure crypto payments are processed with security, averting the potential tempest of holding such volatile tokens.
Market seers keen on dispassionate observation describe the undertaking as a strategy to expand foreign buyers’ options whilst neatly sidestepping the grim clutches of risk-akin to enjoying the warmth of a Russian tsarina’s smile whilst keeping one’s daggers sharp. 💀
Profits: A Tempting Drama Unfolds
The company’s financials, much like the conscience of a man wrestling with guilt, reveal truths of their ambition: RAK Properties recorded a net profit of AED 160 million in the first half of 2025, up by a staggering 80%-echoes of a ravenous heart grow fonder of the feast. Its worth stands well at AED 4.7 billion, a testament to the hunger for capital. Executives extol the emirate’s robust demand and their daring to widen the reaches of investment accessibility.
The Whims of Crypto Adoption
Fittingly, this frenzy in adopting cryptocurrencies spreads not one, but two emirates over. Developers like DAMAC and Emaar-heavens for their own practises of Bitcoin embrace-stand as parrains, while Dubai’s land authority forges alliances with payment firms to flirt with transactions that pay homage to crypto lineage.
RAK Properties’ decision entwines Ras Al Khaimah to the choir, embracing a vision that sings of 2030. By casting wider nets to summon investors across the seas, they hope to summon more foreign souls to partake in the housing market’s dance-a dream perhaps as phantasmagorical as the Kingdom of Glasnost and Perestroika.
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2025-09-04 04:15