RAK Properties, one of the largest listed property developers in the UAE, has taken a significant step into the realm of digital finance by accepting cryptocurrency payments for its residential properties. Buyers can now utilize Bitcoin, Ethereum, and Tether to complete their transactions, marking a notable shift in the way real estate transactions are conducted in the region.
This new payment initiative is facilitated through a partnership with Hubpay, a regulated fintech company that operates under the Abu Dhabi Global Market (ADGM). Hubpay’s technology enables the seamless conversion of digital currencies into UAE dirhams, providing a straightforward transaction process for buyers while ensuring that RAK Properties does not directly hold volatile cryptocurrencies in its accounts.
Executives from RAK Properties indicated that this development is part of their strategy to attract a global pool of investors, particularly those accustomed to handling digital currencies. The company is currently focused on the Mina Al Arab waterfront community, with plans to deliver over 800 residential units by the close of the year. Rahul Jogani, the firm’s chief financial officer, emphasized that this initiative reflects the company’s commitment to catering to clients who are financially savvy and interested in investment opportunities using digital assets.
The partnership with Hubpay not only ensures security in transaction processing but also mitigates the risks associated with fluctuating cryptocurrency values. By adopting this payment strategy, RAK Properties aims to broaden its market appeal without exposing itself to the inherent volatility of digital currencies.
Financial reports indicate that RAK Properties has seen a substantial increase in net profit, recording AED 160 million in the first half of 2025, an impressive 80% increase compared to the previous year. The company’s market capitalization is reported to be nearly AED 4.7 billion (approximately $1.3 billion), with executives attributing this growth to rising demand in Ras Al Khaimah and enhanced access for potential investors.
The move to facilitate cryptocurrency transactions aligns with the ongoing trend of integrating digital assets into the real estate sector across the UAE, a market that has seen other prominent developers, including DAMAC and Emaar, implementing similar payment options. This shift not only encourages innovation within the industry but also aligns with Ras Al Khaimah’s Vision 2030 goals, which seek to attract more international investors to the emirate’s housing market.
By allowing cryptocurrency transactions, RAK Properties is positioning itself as a forward-thinking developer, ready to meet the evolving preferences of a digitally inclined investor demographic while contributing to the expansion of Ras Al Khaimah’s real estate appeal.
