FAM Holding, a business conglomerate that handles real estate investments from the United Arab Emirates, is now offering its latest propriety in exchange for Bitcoin. The Al Mahra Resort by Cristal is a 4-star luxury resort set in the heart of the Al Marjan Island in Ras al-Khaimah, nearly an hour away from Dubai. The estate’s suites will be available for purchase in cryptocurrency, making this first crypto listing of this kind in the Middle East.
“Some of the biggest names worldwide are warming up to cryptocurrency, therefore it is logical for us to offer people the opportunity to pay in Bitcoin or similar currency rather than just fiat currency,” said Dr. Faisal Ali Mousa Al Naqbi owner and chairman of FAM Holding.
FAM Holding’s partner in the endeavor, Cristal, is a first-class company that offers consultancy, technical services, and asset and brand management. The latter is involved in a number of projects to increase its portfolio to 25 properties in the next five to 10 years. Its current operations include premium hotels Bayat Hotel by Cristal, Bayat Suites by Cristal, Cristal Hotel Abu Dhabi, Cristal Erbil Hotel and Masaya Hotel & Residences by Emerald.
Al Mahra Resort by Cristal will have 548 custom designed suites and villas equipped with high-tech commodities and feature extravagant interiors and architecture to attract top clients and investors from all over the world who are interested in acquiring the glamorous units with cryptocurrency.
Faisal Ali Mousa Al Naqbi said:
“Cryptocurrency has radically improved the transparency, speed and security of property transactions with smart contracts, hence it is really ground-breaking to do what we are doing.”
“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.”
The exclusive beach-front resort will be a wide-ranging body and soul retreat, which will have available a multi-functional gym for yoga, Zumba and aerobics classes, as well as spa facilities that include Moroccan hammam, massage, sauna and body treatments. Guests will be able to relax in a variety of places on the estate’s grounds, from the rooftop shisha/hookah lounge to the outdoor infinity pool.
The prices for the suites and villas for one-bedroom, two-bedroom and three-bedroom units will be in between the $144,842 (AED 532,000) and $792,249 (AED 2,909,900) range. Clients can also make payments for the units with “similar digital currency” in addition to Bitcoin.