Dubai real estate firm plans to accept Dogecoin as payment

Samana Developers made the announcement ahead of the launch this summer of its residential project in Jumeirah Village Circle Dubai. (AFP)
Short Url
Updated 19 May 2021
Follow

Dubai real estate firm plans to accept Dogecoin as payment

  • Dogecoin lost 36 percent of its value on Sunday

DUBAI: A Dubai developer announced on Wednesday it plans to begin accepting Dogecoin as a payment option for its latest project launch, despite recent turbulence in cryptocurrency markets.

Samana Developers made the announcement ahead of the launch this summer of its residential project in Jumeirah Village Circle Dubai, going as far as offering a 5 percent discount to investors who opt to pay using Dogecoin.

Imran Farooq, CEO of Samana Developers, said in a press statement: “Decentralized Finance and digital payment are forms of finance and new payments systems that do not rely on middle men — conventional brokerages, exchanges or banks. This is accomplished using smart contracts for real estate buyers which are automated agreements that use online blockchain technology instead.” The surprise decision comes following a turbulent few weeks for Dogecoin and cryptocurrencies in general.

Dogecoin lost 36 percent of its value on Sunday, May 9 after Tesla CEO Elon Musk called it a “hustle” during a sketch on the US comedy show “Saturday Night Live.”

In February, Musk said Tesla had bought $1.5 billion worth of Bitcoin, and would start letting its customers use the cryptocurrency to buy its electric cars.

However, late last week Musk tweeted he was reversing his stance, due to the bitcoin mining’s environmental impact, causing its price to fall.

Musk issued another tweet last Thursday, which seemed to endorse Dogecoin, helping its price to climb about 25 percent. “Working with Doge devs (developers) to improve system transaction efficiency. Potentially promising,” he said.

James Angel, an associate professor at Georgetown University’s McDonough School of Business and a cryptocurrency specialist, told Reuters: “I think he (Musk) is having a lot of fun ... He can say anything he wants about Dogecoin or cryptos fully aware that just him saying something moves the price.

“Anyone who wants to play the Elon Musk game should be prepared to lose all their money.”


Saudi Absher platform delivers over $5.3bn in annual economic impact 

Updated 18 December 2025
Follow

Saudi Absher platform delivers over $5.3bn in annual economic impact 

RIYADH: The Saudi government’s Absher digital services platform generates more than SR20 billion ($5.3 billion) in annual economic impact, highlighting the scale of savings created by the Kingdom’s transition from paper-based government procedures to digital services, according to the Ministry of Interior. 

Speaking to Al-Eqtisadiah, Bandar bin Mashari, assistant minister of interior for technology affairs, said the savings reflect broader efficiency gains from digitization. 

This comes as government services previously delivered through manual, paper-driven processes have moved onto a unified digital platform used by millions of citizens and residents. 

“Absher is one of the oldest platforms that has had a direct impact on strengthening the efficiency of spending and in opening new avenues for providing added value services,” said Mashari. 

He said the platform’s economic impact is closely linked to the government’s digital transformation agenda, which aims to reduce operational costs while improving service delivery across public agencies. 

The assistant minister further stated that the economic impact was at SR17 billion and grew to SR20 billion according to the ministry’s latest data. 

He added that Absher has completed a shift in its financial structure, transitioning from direct state capital funding to a sustainable financing model based on self-generated income. 

Mashari also said the Ministry of Interior is moving to expand its digital capabilities beyond service delivery, with a focus on security and financial protection. 

Authorities are working toward building a secure digital ecosystem designed to combat financial fraud and crime, he said, as digital transactions and online government services continue to expand. 

Absher is the flagship digital services platform of Saudi Arabia’s Ministry of Interior and one of the Kingdom’s earliest large-scale e-government initiatives. 

Launched in 2010, the platform provides citizens, residents, visitors, and businesses with access to hundreds of government services through a unified digital portal and mobile application. 

Its services span civil affairs, passports, residency and visa services, as well as traffic and vehicle transactions, and business administration, significantly reducing the need for in-person government visits. 

Absher is widely used across the Kingdom, handling millions of electronic transactions each month and serving as a core pillar of Saudi Arabia’s broader digital transformation and Vision 2030 agenda.