RAK Properties, a prominent real estate developer in the UAE, has announced that it will now accept cryptocurrency payments for property purchases. This move is facilitated through a strategic partnership with Hubpay, a UAE-based fintech company regulated by Abu Dhabi Global Market (ADGM). The collaboration aims to attract a new wave of international investors to Ras Al Khaimah's burgeoning real estate market.

The partnership enables clients to purchase properties using major digital assets, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), among others. Hubpay's platform ensures that these digital asset payments are instantly converted into UAE dirhams and directly settled into RAK Properties' account, providing a seamless and secure transaction experience.

RAK Properties will not directly handle any digital currencies. Instead, all transactions will be processed through Hubpay and its partners, who are licensed by the Virtual Assets Regulatory Authority (VARA), ensuring compliance and transparency throughout the process.

This initiative aligns with Ras Al Khaimah's Vision 2030, which aims to attract international investors and develop world-class infrastructure. RAK Properties' adoption of digital asset payments reflects this ambition and coincides with the company's 20th anniversary. The company's flagship Mina Al Arab community is expected to particularly benefit from this new payment option. Construction across Mina is ongoing, with over 800 units slated for delivery before the end of the year.

According to Rahul Jogani, CFO at RAK Properties, this partnership with Hubpay is a step forward in the company's strategy of innovation and accessibility. By enabling the use of digital assets, RAK Properties aims to engage a new ecosystem of investment-savvy, digital-first clients while reinforcing its position as a trusted and forward-thinking master developer.

Kevin Kilty, CEO of Hubpay, stated that this partnership allows RAK Properties to reach a new class of global buyers looking to purchase property with digital assets. Hubpay's regulated solution ensures that high-value transactions are conducted securely and compliantly, providing peace of mind to international clients.

The real estate market in Ras Al Khaimah is experiencing an upswing, driven by projects such as the Wynn casino resort, Al Marjan Island, and investments by Abu Dhabi's Aldar. The introduction of cryptocurrency payments is expected to further boost the emirate's appeal to overseas investors.