Rak Properties, one of the largest public real estate companies of the Ras Al Khaimah Emirate of the United Arab Emirates (UAE), will begin to receive cryptocurrency for international transactions.
According to a Monday announcement, Rak Properties are Start receiving payments to bitcoin (Btc), Ether (Eth) and USDT by Tether (USDT), among others. The move emphasizes the growing adoption of digital assets in the UAE, a sector that is expected to be one of the largest in the country in the coming years.
Crypto transactions will be handled by the horn, a regional -based global payment platform. The horn will convert digital assets to the local Fiat Currency of the UAE before depositing them in Rak’s accounts.
“By enabling and supporting the use of digital assets, we are interacting with a new digital ecosystem and investment with customers enthusiastic (…),” Rak Properties Chief Financial Officer Rahul Jogani said.
https://www.youtube.com/watch?v=D7TL4GXowfw
Ras Al Khaimah is the fourth largest UAE emirate by the area, with a population of nearly 400,000.
Rak properties, listed in Abu Dhabi Securities Exchange since 2005, May A market capitalization of 4.7 Billion Dirham ($ 1.3 billion), according to TradingView.
The developer is expanding in 2025 with 12 new projects, although the total size of its portfolio remains unclear. Its net profit rose 39% year-on-year, Climbing Of the 281 million Dirhas in 2024 from 202 million Dirhas last year.
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Crypto adoption with increasing UAE
Crypto adoption in the United Arab Emirates continues to grow. The country is one of the most progressive For the crypto industry and it has become a sought after destination for web3 businesses and investors.
According to Chase Ergen, a member of the Board of Digital Asset Investment Company Defi Technologies, crypto is expected at Became the second largest sector of the country In five years.
According to chainalysis, UAE crypto activity grown in all transaction sizes Brackets over the last few years, with small retail transactions that jump over 75% year-on-year until June 2024.
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