“Offering another transactional mode is exciting and we are pleased to recognize the value this technology brings to our customers,” said DAMAC Properties COO Ali Sajwani.
Dubai-based billionaire real estate developer DAMAC Properties has started accepting payments in Bitcoin (BTC) and Ether (ETH) for its luxury homes.
DAMAC Properties was founded by colorful billionaire Hussain Sajwani in 2002, and the company has done business across the Middle East, Canada and the UK. It also owns the high quality fashion and jewelry brands Roberto Cavalli and De-Grisgono.
Sajwani is known for his bizarre marketing tactics, like giving away free Lamborghinis to homebuyers. He also partnered with Donald Trump in 2013 to launch several Trump-branded golf courses in Dubai.
The company, valued at around $2.1 billion, may be looking to cryptocurrencies as a way to garner attention after a disappointing few years. DAMAC reportedly reported net income of $816 million in 2021, but overall had a net loss of $144.6 million amid a year plagued by the global pandemic. The previous year, the company’s losses also totaled $176 million.
According to an April 27 announcement, in addition to accepting payments in BTC and ETH, the company will also facilitate the conversion to fiat for the seller if needed. DAMAC COO Ali Sajwani noted that the company is paying special attention to evolving technology such as cryptocurrencies:
“It is crucial that global companies like ours remain at the forefront of evolution. Offering another transactional mode is exciting and we are pleased to recognize the value this technology brings to our customers.”
DAMAC also highlighted that Dubai is “becoming a cryptocurrency hub” thanks to crypto-friendly government regulations and virtual asset licenses, with major exchanges such as Bybit, Binance and FTX Europe recently settling there. Kraken also obtained a license earlier this week.
The company noted that it is keen to “fuel” Dubai’s ambitions by implementing more cryptocurrency initiatives.