Billionaire's Dubai Real Estate Firm Now Accepts BTC and ETH Payments

Multi-billion dollar Dubai real estate developer DAMAC Properties has started accepting bitcoin and ethereum as payment for its luxury residences.

Founded in 2002 by billionaire Hussain Sajwani, DAMAC Properties has operations in the Middle East, Canada and the United Kingdom. The company also owns high-end fashion and jewelry brands Roberto Cavalli and De-Grisgono.

Sajwani is known for lavish marketing tactics, such as giving away free Lamborghinis to home buyers. He also teamed up with Donald Trump in 2013 to launch multiple Trump-branded golf courses in Dubai.

The company, which is valued at about $2.1 billion, may see cryptocurrencies as a way to attract attention after a few sluggish years. DAMAC reported net income of $816 million in 2021, but suffered a full-year net loss of $144.6 million amid the global pandemic. The company's loss also hit $176 million the year before.

According to an announcement on April 27, while accepting BTC and ETH payments, the company will also provide sellers with the convenience of converting to fiat currency if necessary. Ali Sajwani, General Manager of Operations at DAMAC, noted that the company is paying particular attention to the development of technologies such as cryptocurrencies:

"For a global business like ours, staying on top of development is critical. Offering an alternative transaction model is exciting, and we're excited to recognize the value this technology brings to our clients."

DAMAC also highlighted that Dubai is “becoming a crypto hub” thanks to the government’s crypto-friendly regulations and virtual asset licenses, with top exchanges such as Bybit, Binance and FTX Europe all recently setting up offices here. Kraken also received a license earlier this week.

The company noted that it is keen to “fuel” Dubai’s ambitions by rolling out further crypto initiatives.

In February, Sajwani also noted that the company’s big plan is to launch its own NFT-backed Metaverse platform.

“So, while most people use the term Metaverse imprecisely, we think it’s much more than that, and we’ve come up with a solution that connects physical and digital assets for cross-use. "

He added: "We have developed a solution that integrates the different platforms under DAMAC, real estate, fashion, jewelry, etc., all bringing it into the metaverse."

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