Dubai’s Retail Giant Majid Al Futtaim Now Accepts Crypto p20 In Partnership With Binance
Majid Al Futtaim, a leading operator of shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia, announced its strategic partnership with the global crypto exchange Binance last week.
The two companies will cooperate on a number of crypto and blockchain projects.
Firstly, Binance Pay will be integrated to allow millions of customers to pay with cryptocurrencies “at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations,” the announcement notes.
Binance Pay currently supports more than 40 cryptocurrencies, according to Binance’s website.
Changpeng Zhao (CZ), CEO and co-founder of Binance, tweeted last week:
29 shopping malls, 13 hotels, and four mixed-use communities now accepts crypto through Binance Pay. Adoption continues.
According to the company’s investor presentation published in February, Majid Al Futtaim operates in 17 countries.
The group’s properties include 29 shopping malls in five countries across the Middle East and North Africa, including Mall of the Emirates, Mall of Egypt, Mall of Oman, and Mall of Saudi. In 2021, its malls had 175 million visitors.
The company also operates 423 Carrefour stores in 16 countries across the Middle East and has exclusive franchise rights in over 30 countries across the Middle East, North Africa, and the Commonwealth of Independent States (CIS) regions.
Furthermore, the group also operates 13 hotels (11 in the UAE and two in Bahrain) and 607 cinema screens.
“Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” Zhao continued. “Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”
Other projects the two companies will collaborate on include listing non-fungible tokens (NFTs) on Binance’s marketplace and creating a digital wallet infrastructure to hold cryptocurrencies from multiple platforms.
Dubai’s Retail Giant Majid Al Futtaim Now Accepts Crypto p20
Majid Al Futtaim is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries.
The group was established by Majid Al Futtaim in 1992.
Majid Al Futtaim manages three major operating subsidiaries: Majid Al Futtaim Properties, Majid Al Futtaim Retail, and Majid Al Futtaim Ventures.
As of 2015 the holding company worked in 13 countries: UAE, Lebanon, Egypt, Saudi Arabia, Oman, Bahrain, Kuwait, Qatar, Jordan, Pakistan, Iraq, Armenia, Iran (through Hyperstar, a Carrefour subsidiary company), and Georgia.
In 2016, the group has $10.6 billion in revenues and $760 million in profits.
In December 2018, group founder, Majid Al Futtaim was conferred the Royal Commendation Order by the Sultan of Oman, Qaboos bin Said al Said.
In December 2021, Majid Al Futtaim died in Dubai.
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