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Dubai's Star Business Centre to accept Bitcoin

DUBAI, January 17, 2018

The Star Business Centre, offering state-of-the-art fully furnished offices for new investors, business people and those international companies seeking suitable ready-made fully furnished plug-and-play workplaces, has announced that it is now ready to accept cryptocurrencies – especially Bitcoin – as a mode of payment for its services. 
 
The company’s commercial tenants are now able to pay rents and service charges by using digital currency along with the traditional payment systems, which saves time and effort. 
 
The digital payment system will allow Star Business Centre customers – who are multinationals and SMEs – from various industries, to focus on their business growth and expansion, without having to go through the time-consuming manual processes. 
 
Star Business Centre, part of Dubai-based Samana Group, is one of the few licensed commercial premises, service provider and diversified business conglomerate active in the UAE who have embraced the cryptocurrency payment system. 
 
The cryptocurrency is a digital currency or virtual payment that uses cryptography (computer coding, algorithm), to operate, secure and make digital payments. The system uses decentralised control as opposed to centralised electronic money and central banking systems, which uses blockchain transaction database. One Bitcoin equals Dh51,276.07 on an average.
 
Keeping abreast with the digital revolution in the financial technology, Dubai has launched its own cryptocurrency in 2017 – emCash – through Dubai Accelerators programme.
 
Imran Farooq, chief executive officer of Star Business Centre, and Group CEO of Samana Group, said: “I am pleased to announce that Star Business Centre is ready to process transactions in cryptocurrency as the new financial technology is changing the way customers make payment. Our customers can now make their payments through cryptocurrency that reduces hassles and allows them to focus on their core activities.
 
“We have recently been watching the cryptocurrency revolution and how Dubai is leading the way in GCC in embracing futuristic technologies that encouraged us to enhance our business capability and align them with our business offerings. Accepting cryptocurrency from our customers in Bitcoin is the latest facility. The fundamental of our business strategy is to make our clients’ businesses and life much easier –saving time, effort and money, and eventually help them to focus on their business growth and expansion plans.”
 
Not only Bitcoin, there are 800 digital currencies out in the world. The cryptocurrency market was valued at Dh1.1 trillion ($300 billion) in 2017, according to reports. 
 
“Star Business Centre is among pioneers in using cryptocurrencies in private sector of UAE. The centre is equipped with state-of-the art office facilities in two of the Dubai’s major business districts – Jumeirah Lake Towers and Business Bay. The Centre frees up business owners from time-taking feasibilities, leasing and office setup,” said Farooq.
 
Samana Group’s Star Business Centre is helping the start-ups to boost their business with finest serviced office suites put together by the top architects, designers, and ergonomic specialists in the country who were pooled together to create the perfect meeting point for businesses. It reduces the cost and burden on start-ups. 
 
It empowers them to take advantage of many investment opportunities in Dubai. In addition, the centre also provides start-ups with many types of assistances - such as helping complete the required business incorporation documentation, secretarial services, stat-of-the-art IT setup and coffee shops.
 
Star Business Centre – dealing in mainland and freezone business set-ups - is a cost-effective, one-stop-shop for new businesses, multinationals, SMEs and the companies who are planning for re-structuring – with zero hidden charges.  - TradeArabia News Service
 



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