The luxury hotel units at the Cristal Group’s Al Mahra Resort can now be purchased through Bitcoin (BTC) or any other similar cryptocurrency. The leading hospitality management company of the United Arab Emirates made the announcement recently. As per reports, the resort located in Ras Al Khaimah (RAK) at the center of Al Marjan Island is scheduled to open by 2020 and is owned by FAM Holding, a business organization having diversified investments across the country.
The Cristal Group is investing AED 350 million in the 4-star luxury resort, which is the first of its kind hotel project in the Middle East region that is now available for purchase through digital currency. Ras Al Khaimah is a tourist place famous for its marine life, pristine beaches, scenic beauty and relaxing views of the Arabian Gulf.
The place attracts a huge number of local and international tourists every year due to which the demand for quality hotels is on the rise. So, it is a big opportunity for investors who want to earn through investment in the hospitality sector. Moreover, now that the luxury units are open for purchase through cryptocurrency it is expected to attract more investors.
Property available under strata title
The project comprises of 548 suites, villas, and rooms that are equipped with ultra-modern comforts. The resort has a beachfront and offers exclusive facilities such as high-tech meeting rooms, a trendy lobby café, rooftop shisha lounge, gym, wellness club, kids club, infinity pool, water sports facilities, spa for everyone, and an all-day-dining restaurant.
The chairman and owner of FAM Holding, Dr. Faisal Ali Mousa Al Naqbi said that big names in the world are accepting cryptocurrency and hence offering investors the opportunity to purchase hotel units in BTC or other cryptocurrency is a logical decision. The company will also allow the purchase through regular fiat currency.
According to Dr. Naqbi, virtual currency has brought a complete improvement in the speed, transparency, and security of property transactions with smart contracts. So, he believes that what his company is doing is really ground-breaking. The Chairman of FAM Holding further added, “Of course, paying in bitcoin for this development is just an option. At the same time, we are very pleased to be working with the Cristal Group to open this resort. We believe that Cristal’s premium service and brand will add exceptional value to our property.”
Al Mahra Resort transactions to process through virtual currency
Dr. Naqbi stated that the company will use cryptocurrency payments for all the transactions related to the Al Mahra Resort as it allows the property purchases to happen from anywhere across the globe in minutes. He said that this type of process makes it possible to complete the purchase with the speed similar to that of sending an email. Another advantage is that the process is empowered with the credibility and security of the blockchain-based technology.
According to the CEO of Cristal Group, Kamal Fakhoury, his company is happy to expand in UAE with a project like Al Mahra Resort. He believes that the resort will become a major addition to the place.