Dubai’s Retail Giant Majid Al Futtaim Partners with Binance to Accept Crypto

June 6, 2022

Reading Time: 2 minutes

Majid Al Futtaim, a successful business company in the Middle East, has joined hands with the major crypto exchange, Binance, to accept digital assets in its stores.

The company consists of shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia, attracting millions of customers every year. Its collaboration with Binance will focus on implementing several crypto and blockchain projects.

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The partnership’s mission

This strategic partnership plans to incorporate the Binance Pay project into the business. The project supports more than 40 cryptocurrencies. This step will enable Majid Al Futtaim’s customers to pay with cryptocurrencies. It will be installed in the various stores with appropriate laws and regulations.

Binance CEO, Changpeng Zhao, announced in a tweet last week that the adoption of digitalism in Majid Al Futtaim’s businesses will continue in addition to the 29 shopping malls, 13 hotels, and four mixed-use communities, which already accept crypto through Binance pay.

He also said that integrating Web3 technologies will make it more convenient for its customers to interact with its new payment methods.

The two companies will also cooperate by listing non-fungi tokens (NFTs) on the Binance marketplace and creating a digital wallet infrastructure to hold cryptocurrencies from many platforms.

The Company’s Properties

The company published a company investor presentation in February, revealing that it operates in 17 countries.

Majid Al Futtaim owns 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. These properties recorded about 175 million visitors in 2021.

In addition, it also runs 423 Carrefour stores in 16 countries across the Middle East. It has exclusive franchise rights in over 30 countries across the Middle East, North Africa, and the Commonwealth of Independent States (CIS). The group also operates 13 hotels and 607 cinema screens.

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