Damac has been in the Middle East's property market since 2002. Duncan Chard / The National
Damac has been in the Middle East's property market since 2002. Duncan Chard / The National
Damac has been in the Middle East's property market since 2002. Duncan Chard / The National
Damac has been in the Middle East's property market since 2002. Duncan Chard / The National

Business

Property

Dubai developer Damac Properties starts accepting Bitcoin and Ethereum

Move is aimed at leveraging growing use of cryptocurrency among investors

Ian Oxborrow
Ian Oxborrow

April 29, 2022

  • English
  • Arabic

Dubai developer Damac Properties will accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors, the company has announced.

The developer will enable the conversion to fiat and the sale of property to holders of Bitcoin and Ethereum, it said. Fiat money is government-issued currency that is not backed by a commodity.

“This move towards customers holding cryptocurrency is one of our initiatives at Damac to accelerate the new economy for newer generations and for the future of our industry,” said Ali Sajwani, general manager of operations at Damac.

“Offering yet another transactional mode is exciting and we are glad to recognise the value this technology brings to our customers.”

The move will bolster efforts to provide convenience and optionality to property investors, the company added.

READ MORE

Dubai property broker fined Dh50,000 for cold calling

Marina 101: Dubai's second-tallest building 'close to completion'

Dubai has been accelerating the adoption of digital currencies as it looks to regulate the sector. Last month, the emirate adopted a new law to regulate virtual assets.

The Dubai Virtual Asset Regulation Law is aimed at creating an advanced legal framework to protect investors and provide international standards for virtual asset industry governance that will promote responsible business growth in the emirate, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said.

Virtual assets include cryptocurrencies such as Bitcoin and non-fungible tokens (NFTs).

The Dubai Virtual Asset Regulatory Authority (VARA) has been established under the new law to regulate the sector throughout the emirate, including special development zones and free zones, but excluding the Dubai International Financial Centre.

Following the announcement, Binance, the world’s largest cryptocurrency exchange, and FTX Europe secured virtual asset licences to operate in Dubai.

Cryptocurrency exchange Bybit also said it had received approval to conduct virtual assets business in Dubai and initiated plans to set up its global headquarters in the emirate. BitOasis, one of the earliest cryptocurrency exchanges to set up in the UAE, said it, too, had applied for a new licence from VARA.

Damac Group, the parent of company of Damac Properties, also announced this week that it plans to invest $100 million to build “digital cities” in the metaverse.

The initiative forms part of the company's ambition to move into digital assets and NFTs, it said.

Dubai's property market has already recorded the adoption of cryptocurrencies.

Brokerage Fam Properties sold more than 400 properties last year with Bitcoin for Emaar in Dubai Creek Harbour, its website said.

________________________

Dubai property prices: where they are rising and falling — March 2022

APARTMENT PRICES: Downtown Dubai rose by 3 per cent month-on-month in March to Dh2,021 per square foot. Reuters
APARTMENT PRICES: Downtown Dubai rose by 3 per cent month-on-month in March to Dh2,021 per square foot. Reuters
Jumeirah: Dh1,905 per square foot — down 0.2 per cent a month. The National
Jumeirah: Dh1,905 per square foot — down 0.2 per cent a month. The National
The Palm Jumeirah: Dh1,843 per square foot — up 3 per cent a month. Antonie Robertson / The National
The Palm Jumeirah: Dh1,843 per square foot — up 3 per cent a month. Antonie Robertson / The National
DIFC: Dh1,627 per square foot — up 2.4 per cent a month. Jeff Topping / The National
DIFC: Dh1,627 per square foot — up 2.4 per cent a month. Jeff Topping / The National
Jumeirah Beach Residence: Dh1,500 per square foot — down 0.6 per cent a month. Photo: LuxuryProperty.com
Jumeirah Beach Residence: Dh1,500 per square foot — down 0.6 per cent a month. Photo: LuxuryProperty.com
Mohammed bin Rashid City: Dh1,472 per square foot — up 2.6 per cent a month. Satish Kumar / The National
Mohammed bin Rashid City: Dh1,472 per square foot — up 2.6 per cent a month. Satish Kumar / The National
Business Bay: Dh1,476 per square foot — up 3.9 per cent a month. Sarah Dea / The National
Business Bay: Dh1,476 per square foot — up 3.9 per cent a month. Sarah Dea / The National
Dubai Hills: Dh1,444 per square foot — up 2.1 per cent a month. Photo: Emaar Malls Management
Dubai Hills: Dh1,444 per square foot — up 2.1 per cent a month. Photo: Emaar Malls Management
Dubai Marina: Dh1,376 per square foot — down 1.1 per cent a month. Victor Besa / The National
Dubai Marina: Dh1,376 per square foot — down 1.1 per cent a month. Victor Besa / The National
The Greens and The Views: Dh1,103 per square foot — up 1.7 per cent a month. Sarah Dea / The National
The Greens and The Views: Dh1,103 per square foot — up 1.7 per cent a month. Sarah Dea / The National
Jumeirah Lakes Towers: Dh994 per square foot — down 0.4 per cent a month. Antonie Robertson / The National
Jumeirah Lakes Towers: Dh994 per square foot — down 0.4 per cent a month. Antonie Robertson / The National
Damac Hills: Dh985 per square foot — up 2 per cent a month. Pawan Singh / The National
Damac Hills: Dh985 per square foot — up 2 per cent a month. Pawan Singh / The National
Jumeirah Village Circle: Dh895 per square foot — up 1.2 per cent a month. Razan Alzayani / The National
Jumeirah Village Circle: Dh895 per square foot — up 1.2 per cent a month. Razan Alzayani / The National
Town Square: Dh875 per square foot — up 1.1 per cent a month.
Town Square: Dh875 per square foot — up 1.1 per cent a month.
Motor City: Dh669 per square foot — up 2.8 per cent a month.
Motor City: Dh669 per square foot — up 2.8 per cent a month.
Dubai Silicon Oasis: Dh602 per square foot — down 2.6 per cent a month. Chris Whiteoak / The National
Dubai Silicon Oasis: Dh602 per square foot — down 2.6 per cent a month. Chris Whiteoak / The National
Dubai Sports City: Dh618 per square foot — up 4.5 per cent a month. Reem Mohammed / The National
Dubai Sports City: Dh618 per square foot — up 4.5 per cent a month. Reem Mohammed / The National
Discovery Gardens: Dh535 per square foot — down 1.6 per cent a month. Pawan Singh / The National
Discovery Gardens: Dh535 per square foot — down 1.6 per cent a month. Pawan Singh / The National
International City: Dh442 per square foot — no change. Antonie Robertson / The National
International City: Dh442 per square foot — no change. Antonie Robertson / The National
Opening weekend Premier League fixtures

Weekend of August 10-13

Arsenal v Manchester City

Bournemouth v Cardiff City

Fulham v Crystal Palace

Huddersfield Town v Chelsea

Liverpool v West Ham United

Manchester United v Leicester City

Newcastle United v Tottenham Hotspur

Southampton v Burnley

Watford v Brighton & Hove Albion

Wolverhampton Wanderers v Everton

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

MATCH INFO

Uefa Champions League quarter-final second leg:

Juventus 1 Ajax 2

Ajax advance 3-2 on aggregate

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

Killing of Qassem Suleimani
Updated: April 29, 2022, 3:10 PM`
DubaiBitcoin