Imkan Properties considers using cryptocurrency in payment plans

Abu Dhabi-based company relies on heavy research to create design-based 'soulful' spaces
Imkan Properties considers using cryptocurrency in payment plans
Walid El-Hindi, CEO Imkan Properties
By Lubna Hamdan
Tue 11 Sep 2018 02:40 PM

Abu Dhabi-based Imkan Properties is considering offering its customers the chance to pay for real estate using cryptocurrencies.

Speaking to Arabian Business, CEO Walid El-Hindi said cryptocurrencies might be introduced as part of consumers’ payment plans.

“Imkan is looking into new ways of approaching financials," he said. "We’re looking into cryptocurrencies and new technologies when it comes to putting together financial packages in relation to real estate."

While El-Hindi did not confirm whether the company will complete transactions using digital currencies, he said the method is among several the firm is considering.

“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,” he said.

Imkan Properties, which was launched a year and a half ago as part of the Abu Dhabi Capital Group, relies on heavy research for a “different approach” to real estate. It currently has plans for 26 projects worth over AED100 billion in six countries, including in the UAE, Egypt and Maldives among others.

Its projects in Abu Dhabi include the Makers District, a mixed-use community situated in Saadiyat Island, where residential, hospitality, commercial and retail offerings are aimed at attracting and encouraging young designers, artists and creatives to produce and showcase their work in the UAE’s more conservative emirate.

“Today, all real estate developers hire companies to do their research. But the research that was being conducted was very shallow. It was always about supply and demand for a specific product and in a particular area, as well as potential studio or bedroom sizes... We wanted to push the boundaries of research,” said El-Hindi, adding that the firm explores the latest technologies in industries ranging from construction to transportation for inspiration.

One of its projects inside the Makers District is The-Artery, a hybrid car park that can be transformed into various spaces ranging from retail market to event area.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Tue 11 Sep 2018 03:48 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.