Imkan Properties, an Abu Dhabi-based real estate developer, is considering offering its customers the chance to pay for real estate using cryptocurrencies. CEO Walid El-Hindi recently mentioned that cryptocurrencies might be introduced as part of consumers’ payment plans.
Imkan Properties, which was launched a year and a half ago as part of the Abu Dhabi Capital Group, relies on heavy “different approaches” to the real estate business. Currently, Imkan Properties has plans for 26 projects worth over AED 100 billion ($27 billion) in six countries, including in the UAE, Egypt, and the Maldives, among others. The young Abu Dhabi-based company aims to create design-based ‘soulful’ spaces that rely on heavy research.
Speaking to Arabian Business, CEO Walid El-Hindi said cryptocurrencies might be introduced as part of consumers’ payment plans. El-Hindi mentioned the following:
“Imkan is looking into new ways of approaching financials… We’re looking into cryptocurrencies and new technologies when it comes to putting together financial packages in relation to real estate.”
El-Hindi did not confirm yet whether the company will complete transactions using digital currencies. El-Hindi did, however, mention that the method is seriously being considered.
“It is definitely one of the areas we are looking at [when it comes to] our financial products and looking forward. We’re not just looking at typical methods offered today. We are also looking ahead,” El-Hindi said.
The announcement from El-Hindi comes during a time of regulatory uncertainty for cryptocurrencies in Saudi Arabia. Last week, a special standing committee in Saudi Arabia issued a statement reaffirming the illegality of Bitcoin and other cryptocurrencies in the kingdom.
It has, therefore, to be seen how this will play out and if Imkan Properties will indeed start offering payment plans that include payments in cryptocurrencies. That said, it is a good development to see that young innovative companies are considering cryptocurrency payments as an option for future payment methods.