Dubai’s Retail Giant Majid Al Futtaim Partners With Binance to Accept Crypto at 29 Shopping Malls and 13 Hotels
Majid Al Futtaim, a leading owner of shopping centres, has teamed with Binance to accept cryptocurrency at its shopping centres and other properties. The CEO of Binance stated that “Majid Al Futtaim is one of the most prestigious companies in the Middle East and has millions of consumers every year.” Last week, Majid Al Futtaim, a prominent operator of malls, hotels, movie theatres, hypermarkets, and retail outlets in the Middle East, Africa, and Asia, announced its strategic alliance with Binance, a leading cryptocurrency exchange. The two businesses will collaborate on several blockchain and cryptocurrency projects. First, according to the release, Binance Pay will be integrated so that millions of customers can use cryptocurrency “at Majid Al Futtaim’s numerous destinations in accordance with appropriate laws and regulations”
Majid Al Futtaim operates in 17 nations, according to the company’s investor presentation, which was published in February. 29 shopping centres owned by the firm are located in five nations in the Middle East and North Africa, including the Mall of the Emirates, the Mall of Egypt, the Mall of Oman, and the Mall of Saudi Arabia. Its malls saw 175 million visits in 2021. The company also has exclusive franchise rights in more than 30 nations in the Middle East, North Africa, and the Commonwealth of Independent States (CIS) regions, and it runs 423 Carrefour stores in 16 Middle Eastern countries.
In addition, the group manages 607 movie screens, 13 hotels, including 11 in the UAE and 2 in Bahrain. Zhao continued, “Majid Al Futtaim is one of the most renowned companies in the Middle East and has millions of clients every year. “Embedding Web3 technologies will provide its customers access to cutting-edge new methods to engage with its brands and provide new ways to pay,” the statement continued. The two businesses will also work together to publish non-fungible tokens (NFTs) on Binance’s exchange and build a digital wallet infrastructure that can store cryptocurrencies from other platforms.