DAMAC Properties to Facilitate Transactions for Property Purchase by Crypto Holders

Dubai, UAE — April 27th 2022: Leading luxury real estate developer DAMAC Properties has announced that the company is stepping up to serve the digital economy by facilitating the conversion to fiat, and the sale of property to holders of Bitcoin and Ethereum. The decision comes from the DAMAC Group’s vision of leveraging technology to provide innovative solutions to evolved customers.

Being one of the first developers to facilitate the purchase of property by customers carrying cryptocurrency, DAMAC is set to revolutionise the future of real estate. This will bolster DAMAC’s efforts of providing convenience and optionality to real estate investors worldwide.

Speaking on the occasion – Ali Sajwani, General Manager of Operations at DAMAC and lead of the organisation’s digital transformation initiatives, said: “DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. 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.”

He added: “It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting and we are glad to recognise the value this technology brings to our customers.”

The UAE’s determination of developing the crypto industry has attracted large companies recently. Major crypto exchanges are shifting their base to Dubai following the Government’s decision of issuing virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA). Dubai is heading towards becoming a crypto hub. The emirate is also promoting other virtual assets with crypto-friendly regulations. DAMAC Properties is keen on fuelling this ambition by implementing new technology, starting with Bitcoin and Ethereum payments.

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About DAMAC Properties

DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, as well as the United Kingdom.  
Since then, the company has delivered approximately 39,400 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include a golf course by The Trump Organization, and luxury homes in association with Versace, Cavalli, Just Cavalli, de Grisogono, Rotana, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision, and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.  

DAMAC places a great emphasis on philanthropy and corporate social responsibility. The Hussain Sajwani – DAMAC Foundation, a joint initiative between DAMAC Group and Hussain Sajwani, recently announced the launch of ‘Fresh Slate’ in collaboration with the Dubai Police General Headquarters aimed at aiding detainees in Dubai’s Punitive and Correctional Institutions who have been charged for petty offences.

The HSDF has also pledged Dh5 million for the 1 Billion Meals initiative launched by Sheikh Mohammed at the start of Ramadan 2022, aimed at providing meals to underprivileged communities in 50 countries across the world. 

DAMAC also supports the vision of Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum to train one million Arab coders in creating an empowered society through learning and skills development.  

Visit us at www.damacproperties.com  

Follow DAMAC Properties on Facebook, Twitter, Instagram, LinkedIn and YouTube (@DAMACofficial).  

For more information, please contact: Corporate Communications, DAMAC Properties: Tel: +971 4 373 2197 │Email: corporatecommunications@damacgroup.com