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New rules for UAE real estate industry for property bought with cryptocurrency

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The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced the introduction of new reporting requirements aimed at certain real estate transactions.

The UAE is one of the first countries to implement such a mechanism for real estate transactions involving virtual assets, marking the latest example of the UAE’s global fight against money laundering and terrorist financing.

All real estate agents, brokers, and law firms are obliged to file reports to the FIU for purchase and sale transactions of freehold real estate properties in the UAE that include any of the below three methods of payment, whether for a portion or the entirety of the property value:

  1. Single or multiple cash payment(s) equal to or above AED 55,000
  2. Payments that include the use of a virtual assets
  3. Payments where the fund(s) used in the transaction were derived from a virtual asset.

The reporting mechanism requires real estate agents, brokers, and law firms to obtain and record the identification documents of the parties to the applicable transaction, among other relevant documents related to the transaction.

The rules apply to both individuals and corporate entities that are parties to the above real estate transactions.
The relevant private sector entities have been informed about the specific requirements in regulatory circulators issued by the MoE and MoJ.

Additionally, to ensure preparedness, UAE authorities have collaborated to host three separate workshops with real estate agents and brokers, as well as law firms, helping to guide them through the new reporting requirements and enhance their familiarisation with the FIU’s anti-money laundering system. The MoE and MoJ apply a proactive, risk-based supervisory approach in line with UAE legislation and the international standards set by the Financial Action Task Force (FATF).

Cryptocurrency terms in the UAE

According to real estate agency OPR, though you can buy real estate with cryptocurrency, it is impossible to pay with it directly. According to the requirements of the UAE Central Bank, all transactions outside the territory of the state must be carried out using the national currency – the dirham (AED).

In this case, it is necessary to transfer the digital currency to the account of the trading company and then get a cheque for the agreed amount of money. Only then can you pay for the purchase.

How to buy and from whom to buy with your virtual assets

FAM Properties has tied up with Singapore exchange company Huobi to facilitate such transactions while Binance and other cryptoexchanges have set up bases in the UAE.

The most well-known Dubai developers are ready to offer real estate to cryptocurrency holders. Among them are Emaar Properties, DAMAC Properties, Select Group, Dubai Properties, Meraas, Fam Properties and MAG Lifestyle Development. But an important condition is the co-operation with only licensed real estate agencies, brokers and trading companies with an impeccable reputation.

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Emaar Beachfront is one of the properties you can buy with cryptocurrency.

The following projects have been listed as of December 2021 that can be bought with cryptocurrency, although the list has widened much more since:

  • Emaar Beachfront by Emaar Properties, located between the Palm Jumeirah and Mina Seyahi
  • Bulgari Residencies, located on Jumeirah Bay Island, is a complex by Meraas
  • Port De La Mer, also by Meraas, in Jumeirah 1 area
  • Cavalli Tower, a project by Damac Properties, on Dubai Marina

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Dubai-born HOP Events targets 25 cities in global expansion

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A Dubai-founded events company is planning to expand into 25 cities worldwide over the next two years, as it looks to build an international business around music and culture.

HOP Events, founded by Dubai-based entrepreneur Kalpesh Kinariwala, said it aims to stage more than 250 events a year across 75 venues and arenas, reaching more than one million people annually.

Its planned expansion includes London, New York, Doha and Singapore, alongside its existing base in Dubai.

The company has organised concerts featuring artists including A.R. Rahman, Arijit Singh, Lucky Ali, Nancy Ajram, Rahat Fateh Ali Khan and sitarist Rishab Sharma.

HOP now plans to broaden its programme beyond large-scale concerts, with storytelling, art and other cultural events forming part of its international expansion.

“Our goal has never been to build an events company,” Kinariwala said. “We’re building a platform where culture becomes a catalyst for connection.”

The plans were outlined after a recent Dubai event featuring storyteller Laksh Maheshwari.

HOP is the cultural arm of PANTHEON ACR, a Dubai-based venture founded by Kinariwala with interests spanning art, culture and real estate.

Kinariwala said Dubai’s position as a city with a large international population provided the starting point for HOP’s expansion.

The company said its programme over the next 24 months would feature both established international performers and emerging creative talent, alongside storytelling and other cultural experiences.

“The moments people carry with them for years are rarely the biggest,” Kinariwala said. “They are the moments that make us feel connected, inspired, understood or part of something larger than ourselves.”

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New-look Abu Dhabi T10 raises the stakes with star-studded 2026 draft; Naseem, Hales, Amir and Shanaka among top picks

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The 2026 Abu Dhabi T10 Player Draft saw a host of international stars find new homes ahead of the upcoming season, with Naseem Shah (Royal Desert Champions), Noor Ahmad (Emirates Eagles), Muhammad Amir (UAE Bulls), Alzarri Joseph (Arabian Aces), Dasun Shanaka (Yas Lions), Shadab Khan (UAE Bulls), Kusal Perera (Emirates Eagles) and Chris Jordan (Royal Desert Champions) among the headline names selected.

The Draft also saw several of the UAE’s leading players join the six franchises, underlining the growing depth of local talent in the reimagined Abu Dhabi T10. Alishan Sharafu (Arabian Aces), Aayan Afzal Khan (Royal Desert Champions), Muhammad Waseem (Royal Desert Champions), Haider Razzaq (Emirates Eagles), Muhammad Rohid (UAE Bulls), Ansh Tandon (Yas Lions) and Luqman Faisal (Emirates Eagles) were among the prominent UAE selections.

Awais Ali Shah (United Tigers), Dhruv Parashar (Royal Desert Champions), Harshit Kaushik (Emirates Eagles), Wali Muhammad (UAE Bulls), Adithya Shetty (United Tigers), Haider Ali (Yas Lions) and Vriitya Arvind (Arabian Aces) were also among those selected, further strengthening the UAE presence across the six squads.

The Arabian Aces will have plenty of experience and firepower in their ranks, with Tom Kohler-Cadmore, Sam Billings and Imran Tahir among their notable draft selections. Alzarri Joseph, Richard Gleeson, Dwayne Pretorius and Dunith Wellalage add further bowling and all-round options to a squad that already featured Moeen Ali, Andre Russell and Liam Livingstone as pre-draft signings. The Aces also secured further local and emerging talent to complement their international core.

The Emirates Eagles’ batting stocks feature Alex Hales, KS Bharat, Hassan Nawaz and Kusal Perera, while David Wiese and Chris Green offer valuable all-round options. Noor Ahmad, Rehan Ahmed and Ali Raza further strengthen the bowling department, complementing pre-draft signings Rovman Powell, Shimron Hetmyer and Trent Boult. 

The Royal Desert Champions assembled a formidable side led by the likes of Naseem Shah, Maheesh Theekshana, Dushmantha Chameera and Chris Jordan. Muhammad Waseem, Brandon King and Jayanth Liyanage add batting depth, while Gulbadin Naib and Keemo Paul provide all-round ability. The side already had Nicholas Pooran, Phil Salt and Sherfane Rutherford on board as pre-draft signings.

The UAE Bulls have an abundance of power-hitting options through Andre Fletcher, Aneurin Donald, Khwaja Nafay, Max Bryan and Azam Khan, with Shadab Khan and Khushdil Shah offering all-round depth. Muhammad Amir and Nuwan Thushara add to the bowling attack, while the franchise had already secured Kieron Pollard, Sunil Narine and Romario Shepherd before the Draft. Scotland’s Bradley Currie also joins the squad.

The United Tigers have established international experience with Azmatullah Omarzai, Odean Smith and Mahedi Hasan offering all-round options, while Abbas Afridi and Sufyan Moqim strengthen the bowling resources. The Tigers’ pre-draft haul comprised the Pakistani trio of Fakhar Zaman, Iftikhar Ahmed and Faheem Ashraf. 

The Yas Lions have plenty of experience with James Vince, Dasun Shanaka, Tom Moores and Akeal Hosein among their notable selections. Eshan Malinga and Obed McCoy build their bowling strength, while the Lions had already secured Jason Holder, David Willey and Andries Gous before the Draft. Netherlands’ Aryan Dutt also joins the squad as their Associate Member selection.

Arabian Aces: Moeen Ali, Andre Russell, Liam Livingstone, Alishan Sharafu, Muhammad Arfan, Tom Kohler-Cadmore, Richard Gleeson, Sam Billings, Paul Walter, Alzarri Joseph, Imran Tahir, Salman Irshad, Quentin Sampson, Dwaine Pretorius, Vriitya Arvind, Ibrahim Masood, Amshi De Silva, Dunith Wellalage

Emirates Eagles: Rovman Powell, Shimron Hetmyer, Trent Boult, Haider Razzaq, Luqman Faisal, David Wiese, Noor Ahmad, Alex Hales, KS Bharat, Akif Javed, Hassan Nawaz, Rehan Ahmed, Ali Raza, Chris Green, Harshit Kaushik, Hilal Afghan, Toby Albert, Kusal Perera

Royal Desert Champions: Nicholas Pooran, Phil Salt, Sherfane Rutherford, Ali Naseer, Aayan Afzal Khan, Muhammad Waseem, Naseem Shah, Maheesh Theekshana, Dushmantha Chameera, Luke Wood, Gulbadin Naib, Brandon King, Janith Liyanage, Keemo Paul, Dhruv Parashar, Raizal Nadir, Tajinder Singh Dhillon, Chris Jordan

UAE Bulls: Kieron Pollard, Sunil Narine, Romario Shepherd, Muhammad Rohid, Tahir Zaman, Aneurin Donald, Muhammad Amir, Andre Fletcher, Khwaja Nafay, Nuwan Thushara, Khushdil Shah, Mohammad Wasim Jr, Max Bryant, Azam Khan, Wali Muhammad, Uddish Suri, Bradley Currie, Shadab Khan

United Tigers: Fakhar Zaman, Iftikhar Ahmed, Faheem Ashraf, Zeeshan Naseer, Awais Ali Shah, Azmatullah Omarzai, Sufyan Moqim, Abbas Afridi, Odean Smith, Nurul Hasan Sohan, Shak Mahedi Hasan, Habibur Rahman Sohan, Noor ul Rahman, Shamim Hossain, Adithya Shetty, Noor Ullah Ayubi, Paul van Meekeren, Yasin Patel

Yas Lions: Jason Holder, David Willey, Andries Gous, Ajay Kumar, Ansh Tandon, James Vince, Dasun Shanaka, Eshan Malinga, Karim Janat, Sanjay Krishnamurthi, Tom Moores, Khuzaima Bin Tanveer, Obed McCoy, Kamil Pooran, Haider Ali, Masood Gurbaz, Aryan Dutt, Akeal Hosein

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UAE petrol prices rise again: New fuel rates for October revealed

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Filling up in the UAE is about to get more expensive, with petrol and diesel prices rising across all categories from October 1.

UAE motorists are set to feel another pinch at the pump this month after the UAE Fuel Price Committee announced higher petrol and diesel rates for October 2026.

The increase means drivers will pay more per litre across every petrol category, while diesel prices have also moved higher.

Fuel prices for October

The new rates will take effect from Thursday, October 1. Here’s what motorists will pay:

Super 98: Dh4.40 per litre
Special 95: Dh4.28 per litre
E-Plus 91: Dh4.21 per litre
Diesel: Dh4.80 per litre

That means Super 98 rises by 60 fils per litre, while Special 95 and E-Plus 91 increase by 59 and 60 fils respectively. Diesel is up by 50 fils per litre.

How much more will a full tank cost?

For motorists, the increase could quickly add up over the course of a month.

For example, filling a 50-litre tank with Super 98 will cost Dh220 in October, compared with Dh190 in September, a difference of Dh30 per fill-up.

A 50-litre tank of Special 95 will cost Dh214, compared with Dh184.50 previously.

For E-Plus 91, the same tank will cost Dh210.50, up from Dh180.50.

Diesel drivers filling 50 litres will pay Dh240, compared with Dh215 in September.

Why are fuel prices changing?

The UAE Fuel Price Committee reviews retail fuel rates at the end of each month, with prices linked to movements in global energy markets.

UAE fuel prices have experienced notable fluctuations this year. Rates fell in July after several consecutive monthly increases, before moving higher again in August and September.

The latest increase comes amid continued volatility in global and regional energy markets.

What does this increase mean for household budgets?

For people who drive every day, higher fuel prices can have an effect beyond the cost of a single trip to the petrol station.

Commuters, families and businesses that rely heavily on road travel may see their monthly transport expenses rise, particularly if they fill up frequently.

Even a relatively small increase per litre can become more noticeable when multiplied across several refuelling trips over the month.

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