Dubai real estate developer DAMAC completes deals in crypto worth $50 million

The Dubai-based real estate developer, DAMAC Properties, has completed cryptocurrency deals worth $50 million since the beginning of 2022, the company’s COO Ali Sajwani revealed.

In his interview, Sajwani said by accepting either Bitcoin or Ethereum as payment, DAMAC has shown the extent to which his company will go in order for it to “benefit from the most advanced technology solutions.”

When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted intermediary had been chosen to facilitate the transactions.

“The payment process is made through a trusted financial intermediary approved by the Abu Dhabi Global Market (ADGM), the ‘Heaven’ company, where the customer pays the value of the property in Bitcoin or Ethereum, as they are among the most traded digital currencies in terms of safety and trust, and then the financial intermediary transfers the amount to our digital wallet in dirhams or dollars,” he said.

DAMAC COO added that his company’s use of a trusted financial intermediary means the company is able to eliminate the price fluctuation risk. A different report has identified the regulated intermediary used by DAMAC Properties as Havyn digital asset exchange.

In the same interview, Sajwani spoke of the challenges or impediments that his company faces when it comes to accessing the metaverse. In his words, one of the hurdles facing proponents of emerging technologies includes “convincing the old generation of decision-makers to take quick and proactive steps to invest in this new and unfamiliar world.”

Since the metaverse, NFTs, and cryptocurrencies are still fairly new, prospective users need to become acquainted with these first, the COO also said. According to Sajwani, this means decision-makers will have to do an in-depth survey or research before they can start investing.

According to Hayvn CEO Christopher Flinos, opening up the UAE real estate to cryptocurrency payments could be the biggest change in the sector since the Palm Jumeirah was announced.

In his words, recent moves by UAE property giants such as Nakheel and Damac have cemented the use of crypto for real estate transactions in the UAE. The benefits of crypto payments, including no cheques, no loans, no fees, no taxes, and lower costs, make better houses more affordable for customers.