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Dubizzle snaps up Property Monitor in real estate data play

The acquisition strengthens Dubizzle Group’s leadership in real estate classifieds and technology

Gulf Business
Gulf Business

15 April, 2025

Dubizzle snaps up Property Monitor in real estate data play
Image credit: Supplied photo

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Dubizzle Group, the MENA region’s leading digital marketplace group, announced today the acquisition of Property Monitor, a premier real estate market intelligence platform in the UAE.

Read-Dubizzle Group acquires Egypt automotive platform Hatla2ee

This acquisition strengthens Dubizzle Group’s leadership in real estate classifieds and technology, adding to its portfolio of market-leading brands such as Bayut and dubizzle. By integrating Property Monitor into its real estate ecosystem, Dubizzle enhances its value proposition for agencies and developers with a more comprehensive, data-rich user experience.

Empowering data-driven decisions

As a top provider of real estate market intelligence in the UAE, Property Monitor supports key industry players in making data-driven decisions through its SaaS platform, PMiQ, along with APIs, market reports, and automated valuations. With a premier client base that includes the UAE’s leading agencies and developers, Property Monitor has become a cornerstone of the real estate ecosystem for data, analytics, and insights.

Dubizzle Group plans to expand Property Monitor’s offerings by integrating demand-side data, enabling deeper client engagement.

Strong growth performance

From 2022 to 2024, Property Monitor achieved a compound annual growth rate (CAGR) of 55 per cent in revenue and attracts more than 7,700 monthly users—mainly real estate agencies and developers.

“We are delighted to welcome Property Monitor to the Dubizzle Group real estate portfolio. As a trusted and respected brand in the UAE, it complements our market-leading platforms Bayut and dubizzle,” said Haider Ali Khan, CEO of Dubizzle Group – UAE.

“This acquisition creates new opportunities to enhance the value we offer to agents and developers, while reinforcing our position as the UAE’s leading destination for real estate classifieds. It also aligns with our broader strategy of targeted acquisitions that elevate the user experience across the region’s real estate and automotive sectors,” Khan added.

Dubizzle’s third acquisition in two years

This marks Dubizzle Group’s third acquisition in the last two years, highlighting its continued expansion across the MENA region’s digital marketplace landscape.

In 2024, the Group acquired Hatla2ee, Egypt’s top marketplace for new and used cars, and Drive Arabia, a trusted source for automotive news, reviews, and comparisons. These moves have broadened Dubizzle’s reach in both the real estate and automotive sectors.

The acquisition of Property Monitor underscores Dubizzle’s strategic M&A approach—targeting complementary businesses that strengthen its ecosystem, enhance its product offering, and improve the client and user experience.

Dubizzle group’s regional leadership

Dubizzle Group’s flagship platforms—dubizzle and Bayut—lead markets in the UAE, Saudi Arabia, and Egypt, with a growing presence across several MENA countries. The group’s portals collectively receive over 47 million monthly visits and serve more than 15 million monthly users, making them the go-to destinations for online classifieds in the region.

Art Dubai Digital’s Gonzalo Herrero Delicado on ‘rethinking art and tech’

This edition shifts the focus back to art and the critical questions it raises about our present, says the curator of the show

Neesha Salian
Neesha Salian

15 April, 2025

Art Dubai Digital’s Gonzalo Herrero Delicado on ‘rethinking art and tech’
Image: Supplied

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As technology continues to shape how we experience and interpret the world, Art Dubai Digital 2025 turns its gaze toward the emotional and critical dimensions of this transformation.

Art Dubai Digital, launched in 2022, is a unique curated section of Art Dubai* that is dedicated to the pioneering artists, collectives, galleries and platforms influencing the digital art world today.

Curated by Gonzalo Herrero Delicado, this year’s edition explores the theme “After the Technological Sublime”, offering a timely reflection on the power — and the consequences — of technological advancement through the lens of contemporary art.

From large-scale installations fed by climate data to kinetic sculptures interpreting global energy use, Art Dubai Digital invites artists, collectors, and audiences to pause and reconsider not just the tools, but the questions they provoke.

In this conversation, Delicado unpacks the curatorial vision behind the theme, shares insights into the evolution of the digital section, and highlights the galleries and projects redefining what it means to create and engage with digital art today.

‘After the Technological Sublime’ has been chosen as the theme for Art Dubai Digital 2025. Could you provide more insight into its significance and meaning?

The concept of the sublime, originally revived from ancient Greek thought by European intellectuals in the 17th century, embraces the aesthetic of the exalted—the experience of witnessing the beauty of grand and dangerous nature.

The technological sublime extends this idea, evoking awe and wonder, but also fear, in response to monumental technological innovations. It broadens the traditional notion of the sublime — once used to express amazement and fear toward vast natural forces — by including human-made creations.

Today, artificial intelligence, quantum computing, robotics, and other technological advancements are progressing at an unprecedented pace. While they inspire admiration for human achievement, they can also feel overwhelming, as these systems often surpass our control and divert attention from pressing environmental, social, cultural, and political challenges.

Art Dubai Digital 2025 invites visitors to explore how artists are using technology to address and interrogate these challenges. While technology may help meet future needs, what questions are artists asking of it today?

This edition shifts the focus back to art and the critical questions it raises about our present, examining how technology as a medium can reflect the challenges facing society and the planet.

How has Art Dubai Digital evolved since the first edition? Are there any major shifts in focus or presentation this year?

Art Dubai was the first international fair to create a dedicated section for digital technologies and art. It remains a uniquely curated part of the fair, with a new guest curator invited each year. In its first edition, the section focused on the NFT boom, which sparked exponential interest in digital art. That emphasis feels less relevant this year, as the section now features a broader range of media, including videos, installations, sculptures, and even paintings —highlighting the richness and diversity of media art.

One major development over the four years since the Digital section’s inception is the launch of the Digital Summit in 2024. The summit was introduced to reflect on the themes emerging from the section and returns this year with a robust programme. It brings together some of the brightest minds leading conversations around art and digital technologies, with a particular emphasis on ecology.

What also sets the digital section apart is the wide-ranging profile of its participants. Alongside traditional physical galleries from around the world, it includes digital galleries, collectives, and advisors — each playing a role in shaping the digital art market.

A new addition to this year’s programme is a series of specially commissioned installations by different artists.

Which key galleries are participating in Art Dubai Digital? What makes them noteworthy, and how does their participation enrich the overall programme?

London-based GAZELL.iO returns to Art Dubai to celebrate its 10th anniversary, presenting works by CROSSLUCID, Primavera de Filippi, and Sougwen Chung. Also from London, TAEX makes a return with a distinctive selection of works by acclaimed artists Krista Kim, Alper Derinboğaz, and Tatsuru Arai.

Among the new galleries I’m particularly excited to see are Sevil Dolmaci, featuring works by Fuse*, Can Büyükberber, and Sara Ludy; New York-based Nguyen Wahed, presenting Sarah Meyohas, Lu Yang, and FAR; and Danae from Paris, showcasing pieces by artist and musician Agoria, along with French digital artist Louis Paul Caron, whose contemplative scapes explore the tension and quiet response to the ongoing climate emergency.

Will any Dubai-based galleries or artists be part of this year’s Art Dubai Digital?

We will feature a number of Dubai-based galleries showcasing compelling works by emerging artists. Mondoir Art Gallery, led by renowned collector Amir Soleymani, will present one of the largest booths in the section and will also debut his latest book, Fools & JPEGs, which explores NFTs and what went wrong. I’m especially excited about the booth from Koshta Collective and the opportunity to experience FLOWGARDENZ’s media sculptures in person.

Other participating Dubai galleries include Inloco Gallery, presenting a selection of stunning photographs by Filippo Minelli, and Espace, which will exhibit works that combine the sculptures of Andrés Anza with augmented reality.

Image courtesy: FLOWGARDENZ

Tell us more about the new digital installations that will debut at Art Dubai.

One of the featured works is MotherEarth by Ouchhh Studio — the world’s first sculpture to combine cross-continental, real-time climate change data with artificial intelligence (AI).

This digital sculpture is connected to two others in Beijing and Mexico City, all of which display visuals generated from NASA’s network of 20 climate-monitoring satellites.

Another highlight is from New York-based kinetic artist BREAKFAST, who will debut Carbon Wake, a seven-meter-long kinetic installation. This dynamic piece blends AI, data visualisation, and motion-tracking mechanics, transforming real-time energy data from cities around the world into a responsive, ever-evolving sculpture.

Image courtesy: Breakfast

The third installation is a commission by Italian artist Jacopo Di Cera, supported by the digital art platform CIFRA. Titled Retreat, this four-meter-high structure is composed of cable bundles and more than 30 upcycled screens. It documents the rapid destruction of the Brenva glacier in the Italian Alps and prompts reflection on what will remain as nature disappears.

Finally, there is AIM – Dream Machine by HX Collective, which uses AI to transform visitors’ dreams into a kaleidoscopic visual experience.

What are some of the most innovative media formats or experimental techniques we can look forward to in Art Dubai Digital 2025?

We are going to see a lot of artificial intelligence applied across very different formats, particularly video, as well as in virtual environments and augmented reality. But this year, what matters most is not the latest technological developments applied to art — it’s reflecting on the message these works are trying to convey and how they represent the turbulent times we live in.

As Cedric Price said, “Technology is the answer, but what was the question?” We are often captivated by the technology itself — especially when it intersects with art — and forget to ask what that technology, which is ultimately just another artistic medium, is actually trying to address.

* Visit Art Dubai 2025, see details below

Art Dubai, the Middle East’s leading international art fair, opens next week at Madinat Jumeirah. The fair will present over 500 leading international and regional artists across 120 contemporary, modern and digital gallery presentations. The programme is drawn from more than 65 cities and 40 countries and is the region’s largest and most important annual art event. Art Dubai is an important gateway for discovery, learning and exchange, and the gallery programme is complemented by an expansive programme of immersive and site-specific installations, daily live performances, talks and events.

Dates & Timings

  • VIP opening on Thursday, April 17
  • Public dates: Friday, April 18 – Sunday, April 20
  • Tickets available online and at the venue

○ One-day ticket: Dhs100

○ Three-day ticket: Dhs200

Entry is free for children aged 18 and under, and for university students.

Belkin’s Steve Malony shares insights on localisation and sustainability

Malony outlines the company’s evolving strategy — from investing in local teams and prioritising sustainable packaging to launching products tailored to consumer needs

Neesha Salian
Neesha Salian

15 April, 2025

Belkin’s Steve Malony shares insights on localisation and sustainability
Image: Supplied

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Having operated in the Middle East since 2010, Belkin has steadily grown its presence across the MEA region through consistent year-on-year performance, strategic retail partnerships, and a diversified product portfolio.

In this interview, Steve Malony, CEO of Belkin International, outlines the company’s evolving strategy in the region— from investing in local teams and prioritising sustainable packaging to launching products tailored to consumer needs and navigating an increasingly competitive accessories market.

Belkin has been a significant player in the MEA accessories market since 2006. Can you share specific figures that demonstrate the company’s growth trajectory in the region and your investment plans moving forward?

Belkin has been operating in the Middle East actively since 2010 and has achieved consistent triple-digit year-over-year growth since. We plan to overachieve on our goals by continuing this upward trajectory

Charging solutions, power banks, and audio products will drive most of the growth through new product introductions and expansion into under-indexed markets, alongside new customer acquisition as we expand the Belkin team in tandem.

Across the MEA region, Belkin’s sales have nearly doubled over the past four-five years, with all major product categories (mobile power, connectivity, audio, device protection, KVM and future ventures) experiencing growth led by mobile power products at over 150 per cent growth.

We see great potential in this market, and we continue to innovate to meet these demands. The consumer base here values premium quality and design, something which Belkin stands for.

This type of growth in a few years’ time suggests strong consumer demand and further growth potential — and reflects our commitment to quality, innovation, and strong partnerships.

With an expanding retail presence and strategic partnerships in the MEA region, what can you tell us about your new store openings and key collaborations that are helping Belkin penetrate the market more deeply?

Belkin operates and develops an interesting set of product categories. Everybody wants to have a charged device and a protected device, and we can bring these things to life with our partners — we have long standing relationships with our partners, and in the MEA region, this is meaningful and critically impactful to the business.

Saudi Arabia, UAE, and Kuwait are the countries that account for most of our business today, and Jarir, Xcite, Etisalat, Virgin stores and Dubai Duty Free are a few of our most strategic retailers.

Our strategy includes both offline and online experiences especially in times where digitization and transformation are at its peak. In fact, we are seeing strong growth in the digital space as well.

Our resilience in adapting to the dynamic e-commerce landscape continues to strengthen our brand’s position despite the logistic and regulatory compliance challenges. Amazon UAE revenue experienced triple digit growth in the past five years, becoming a key contributor to high GP margin.

Belkin has always emphasised meeting the needs of local consumers. Could you provide some examples of how the company is adapting its products and services to cater to the demands of the MEA market?

Sustainability is one of our three north stars, and it’s an essential consideration in everything we do. Our team of in-house engineers monitor environmental protection regulations in the regions we are sold in to ensure our ongoing efforts are aligned with those at a local level.

In early 2023, Belkin announced its transition to new product packaging that is 100 per cent single use plastic free where possible, to reduce landfill waste and encourage recycling and circularity. This accelerated our reduction efforts to a 63 per cent global reduction in plastic packaging since 2019 — more than doubling our five-year goal of a 25 per cent reduction.

So, when Dubai issued Executive Council Resolution No (124) in December 2023, which includes a ban on single use plastic bags and other packaging items, Belkin was already aligned with this decision to phase out plastic and we were able to seamlessly fall into line with this activity.

Sustainability and positive economic impact are important priorities for Belkin. How does the company contribute to local job creation, and what sustainability initiatives are you currently focused on in the MEA region?

At Belkin, our three north stars are people, planet and product — we invest in our people, and having the right team on board is crucial to our success. Creating jobs in the region and adding to the Belkin team locally is an essential component to our growth strategy. In the past five years, we have doubled the size of our team in the UAE.

Announced earlier this year, several of Belkin’s most popular chargers and cables will receive updated product housing materials that consist of 85-90 per cent PCR in line with our public commitment to find more responsible ways to build products. The new accessories will be certified by the Global Recycling Standard and sold in plastic-free packaging. This initiative is estimated to reduce CO2-eq emissions for these product housing materials by up to 85 per cent. We are currently at 72-75 per cent PCR materials which we are incredibly proud of.

We also recently announced that Belkin was awarded a Silver Medal rating from EcoVadis, the globally recognized leader in sustainability ratings. This recognition reflects the company’s ongoing dedication to responsible business practices and positions us among the top-performing companies in the consumer electronics sector evaluated by EcoVadis. Belkin’s overall score ranks in the top 15 per cent globally (91st Percentile).

We are committed to achieving carbon neutrality in scope 1 and scope 2 emissions by the end of 2025. The next challenge is scope 3 emissions, which requires a comprehensive understanding of our entire supply chain. We are using various tools to achieve this, and we expect to be carbon neutral in scope 1, 2, and 3 emissions by 2030. It’s a difficult challenge, but it’s a core principle that drives our decision-making.

Looking ahead, what is Belkin’s future vision for the MEA market, and how does that align with your global strategy?

Charging solutions, power banks, and audio products will drive most of the growth through new product introductions and expansion into under-indexed markets, alongside new customer acquisition.

We anticipate higher wattage wireless charging in the second half of this year, which will unlock new use cases. We expect growth to come from the ongoing transition from wired to wireless charging. Cables will remain a core part of our business, and we expect that to grow as well. In our audio category we offer a compelling value proposition with products like our kids’ lineup and Isolate, which features noise cancellation.

Travel Retail expansion remains a priority, with ongoing negotiations for seven new branded spaces across Dubai terminals in partnership with Dubai Duty Free (DDF). New agreements are in progress with DnR (Turkey airports) and Lagardère (Saudi). And we’re seeing exciting growth in emerging markets like Egypt, Morocco, and Iraq — which represent the most under-indexed regions. Each are expected to generate high triple digit growth. Iraq has become a critical part of our strategic growth plan, with impressive triple digit sales growth since 2020.

Additionally, we are focusing on expansion in the telco segment, which includes strengthening our existing partnership with Etisalat while targeting new collaborations with Saudi Telecom and Turk Telekom.

We are placing a focus on enhancing major retailer web platforms, which remains a key growth priority. We will also shift from continuous promotions to targeted campaigns leveraging in-store activations, online engagement, and CRM-driven initiatives to enhance consumer traffic and behaviour.

We always try to meet consumers where they are. For example, I visited The Dubai Mall on my recent trip to the region, and I saw there is no slowing down in the need of people going in to see products and learn. I also saw that people were on their phones, maybe pre-shopping. We want to ensure we are hitting all the relevant touchpoints to ensure consumers can access the Belkin products they need most, when they need them.

Are there any upcoming product launches or investments that will further enhance your presence and innovation in the region?

Since 2020, nearly 10M units of Belkin products were shipped in the Middle East, Turkey and African countries. The top growth drivers in products shipped in region are mobile cable accessories, power banks, wall chargers, and audio products.

Looking forward, the region can expect faster wireless charging options, content creation products that help to simplify and make the category more accessible to all, mobile gaming ecosystem additions, and sustainability updates that bring us up to 90 per cent PCR in our product housing without any compromise in quality and safety —with more developments to come.

A personal product highlight is the recently announced Auto Tracking Stand Pro, which integrates hardware, firmware, and software and uses Apple’s DockKit technology for facial recognition. This allows users to stay in frame during video calls, classes, or cooking demonstrations. This is just one step in our content creation journey.

As the tech industry continues to grow, what are some of the biggest challenges Belkin faces in the MEA region, and how is the company overcoming them to stay competitive and innovative?

The product lifecycle for device accessories is fast and there is a proliferation of cheap competitors that have flooded the market. How we face this is both a challenge and an opportunity — Belkin stays true to its mission of producing accessories that stand for quality, safety and sustainability. We know through over 40 years of experience that doing the right thing while staying smart and agile is the best way forward.

We believe the Middle East is on the precipice of a new era of growth and if we can identify and execute, it’s an exciting time for innovation and technology.

What sets us apart from other accessories manufacturers is our in-house capabilities — we have state-of-the-art lab spaces and design facilities at our global headquarters, where our dedicated design and engineering teams can ideate, prototype, test in real-time to bring to market innovative, quality, thoroughly tested products. Alongside this, our rich decades-long relationships with the world’s largest OEMs and chip manufacturers help to position us an industry leader—a role we take very seriously.

Technology is evolving rapidly, especially in the connectivity sector. What are the current tech trends you’re observing in the MEA market, and how is Belkin positioning itself to address these developments?

Belkin has a 40 plus-year legacy in the device accessories market. Because we have often been part of the founding class of tech transitions helping to set new protocols, we totally embrace these evolutions and are able to prepare for them well before the rest of the market.

There are certain growth categories like mobile charging, content creation and audio where we see people caring about the combination of value and quality.

I recently had the great honour of speaking on a panel in Web Summit Qatar alongside Microsoft and Meta executives. We dove into the big corporate tech trends and predictions for 2025. Last year provided a striking preview of AI’s transformative potential. Now, the challenge is not just understanding these advancements but integrating them effectively into business strategy. We want to be on the good side of what it can deliver. AI will help us to achieve our sustainability goals bring additional hardware to product — and the potential of that is very exciting.

Cybersecurity: Why ‘public-private-people’ partnerships hold the key

The UAE is shaping a resilient cyber ecosystem by prioritising proactive security measures, investing in cutting-edge technologies, and fostering collaboration

Hadi Anwar
Hadi Anwar

14 April, 2025

Cybersecurity: Why ‘public-private-people’ partnerships hold the key
Image: Getty Images

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The UAE’s rapid digital transformation has propelled it to the forefront of technological innovation and progress. Yet, this accelerated evolution has also exposed vulnerabilities that, if left unaddressed, could undermine the nation’s ambitions.

The newly released State of the UAE Cybersecurity Report 2025, a joint effort by the UAE Cyber Security Council and CPX, delivers a timely call to action, highlighting the urgent need for a paradigm shift in how governments, businesses, and societies approach cybersecurity—not just in the UAE, but worldwide.

As digital infrastructures globally expand and diversify, the need for robust cybersecurity measures has never been greater. While cyber threats continue to evolve in scale and sophistication, the UAE has made remarkable strides in fortifying its digital defenses. By prioritising proactive security measures, investing in cutting-edge technologies, and fostering collaboration across sectors, the country is shaping a resilient cyber ecosystem where innovation and national security go hand in hand.

Security is not just a technical problem; it is a societal one. While technology plays a crucial role, the human element is equally vital. Misconfigurations alone account for 32 per cent of reported cyber incidents, compounded by issues of improper usage and malicious intent. This reinforces a vital principle: cybersecurity is only as strong as those who interact with these systems. In today’s interconnected world, cybersecurity hinges not only on technological advancement but on cultivating digital literacy, awareness, and resilience across communities and sectors.

Tackling threats to cybersecurity

The rise of AI globally adds another layer of complexity. While AI offers immense potential, driving initiatives like the UAE’s National AI Strategy, it also provides new tools for cybercriminals. AI is being used to craft more convincing phishing attacks, spread misinformation, and automate malicious activities. This escalation demands an approach that is proactive, agile, and capable of adapting to both current and emerging threats, ensuring the safe deployment of advanced technologies.

The stakes are high. In a hyperconnected global economy, the financial and reputational damage caused by a major cyberattack can be severe. The Middle East is already reported to have the second-highest data breach costs of any region worldwide, and similar trends can be seen in other regions. Beyond the immediate financial losses, there is the erosion of trust, the disruption of critical services, and the potential for long-term reputational damage.

So, how can the future be secured? The answer lies in collective action and a fundamental shift in mindset. The report offers a comprehensive roadmap for national and international stakeholders alike:

  • Prioritise proactive security: It is imperative to move beyond reactive measures and embrace a proactive approach that emphasises early detection, continuous monitoring, and the anticipation of evolving threats. Strengthening defenses ahead of potential attacks and fostering a mindset of constant improvement are essential to building national resilience.
  • Cultivate a culture of cyber vigilance: Cybersecurity is everyone’s responsibility. A culture of awareness, where individuals and organisations are fully informed of risks and empowered to adopt preventative measures, is essential. Educating government employees, businesses, and the public about cybersecurity best practices will form a security-conscious culture that will serve as a crucial first line of defense.
  • Foster collaboration and information sharing: No single entity can tackle the challenge of cyber threats alone. Deeper collaboration between public and private sector stakeholders, as well as international partners, is required to share intelligence, coordinate responses, and foster best practices. Establishing secure platforms for information exchange and clear incident response protocols will help create a stronger, united front.
  • Invest in talent and innovation: A skilled and agile cybersecurity workforce is critical to protecting the digital future. Investment in specialised training, research and development, and programmes that attract and retain top cyber talent will contribute to the creation of a knowledge-based economy, reinforcing security capabilities.
  • Embrace AI governance: With AI playing a dual role as both a driver of progress and a potential risk, establishing robust AI governance frameworks is crucial. There is a need for ethical guidelines, regulatory mechanisms, and security standards to mitigate AI-related cyber threats.

A scalable model

The UAE’s approach — anchored in public-private-people partnerships (PPPP) — offers a scalable model for other nations facing similar challenges. As digital transformation accelerates globally, the principles outlined in this report can guide countries in strengthening their cyber resilience, safeguarding critical infrastructure, and securing long-term economic growth.

Cybersecurity is no longer a localised issue; it is a global mission. Nations that invest in collective action today will be better positioned to protect their digital futures tomorrow.

The writer is the CEO at CPX.

Standard Chartered, OKX roll out crypto collateral pilot in Dubai

It’s the first such initiative to bring together a major global bank, a regulated crypto platform and a traditional asset manager to support secure crypto trading for institutions

Gulf Business
Gulf Business

14 April, 2025

Standard Chartered, OKX roll out crypto collateral pilot in Dubai
Image credit: Getty Images

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Banking giant Standard Chartered and global crypto exchange OKX have launched a pilot programme in Dubai that could reshape how institutional investors trade digital assets.

The new collateral mirroring programme allows institutions to use cryptocurrencies and tokenised money market funds as collateral for trading, without moving those assets onto an exchange. This reduces counterparty risk, a major concern in the crypto world, and enhances capital efficiency for large investors.

It’s the first such initiative to bring together a major global bank, a regulated crypto platform and a traditional asset manager to support secure crypto trading for institutions.

The pilot is being rolled out under the regulatory oversight of Dubai’s Virtual Asset Regulatory Authority (VARA), making it one of the most prominent real-world implementations of regulated digital finance in the region.

Hong Fang, president of OKX, summed it up:“As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered’s position as a top custodian globally, as well as OKX’s market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.”

Using crypto as collateral

Under the programme, Standard Chartered acts as the regulated custodian. The bank holds the collateral securely in the Dubai International Financial Centre (DIFC), while OKX facilitates trading activity through its VARA-regulated entity.

Speaking about the launch, Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, said: “We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need.”

She added that the bank is “ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.”

Backed by Franklin Templeton, Brevan Howard Digital

One of the major components of the pilot is the inclusion of tokenised money market funds provided by Franklin Templeton, a traditional asset management giant with $1.58tn in assets under management.

Roger Bayston, head of digital assets at Franklin Templeton, said: “By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed – eliminating the need for traditional infrastructure.”

This effectively turns traditional, low-risk financial products such as money market funds into on-chain assets that can be integrated into digital finance workflows.

Also onboard is Brevan Howard Digital, the crypto arm of the global hedge fund. The firm is among the first institutional players to participate.

Ryan Taylor, group head of compliance at Brevan Howard and CAO of Brevan Howard Digital, said:

“This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.”

Majid Al Futtaim to launch over 30 new stores in GCC

Majid Al Futtaim’s expansion in luxury retail builds on a record-setting 2024, which saw a 26 per cent increase in revenue

Gulf Business
Gulf Business

14 April, 2025

Majid Al Futtaim to launch over 30 new stores in GCC
Image credit: Supplied photo

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Majid Al Futtaim has announced an ambitious expansion of its luxury retail portfolio for 2025.

The regional pioneer in shopping malls, communities, retail, and leisure across the Middle East, Africa, and Central Asia reported a record-breaking 2024, with a 26 per cent growth in its lifestyle business.

Read-UAE’s Majid Al Futtaim posts 2024 results, reports Dhs33.9bn in revenue

This expansion will be anchored by renowned Italian brands—Eleventy, Corneliani, and Poltrona Frau—with a series of store openings planned across key locations in the UAE and Saudi Arabia.

Launch of new stores

As part of its strategic growth agenda, Majid Al Futtaim will open over 30 new stores across the region, spanning both luxury and high street brands. The expansion includes five standalone Eleventy stores, the regional debut of Corneliani, and the first Poltrona Frau store outside the UAE, to be launched in Saudi Arabia—showcasing Majid Al Futtaim’s commitment to strengthening its footprint in the luxury retail sector.

“In a region where customers have an abundance of choice, our ambition is to curate a portfolio of luxury brands that offer something truly distinctive. By introducing brands like Eleventy, Corneliani, and Poltrona Frau, we are bringing new dimensions to the luxury market—combining timeless craftsmanship with modern sensibilities that resonate with the refined tastes of our customers,” said Fahed Ghanim, CEO of Majid Al Futtaim Lifestyle.

Ghanim added, “At Majid Al Futtaim, our work with luxury brands has been deeply rooted in THAT Concept Store, which has been instrumental in identifying and nurturing brands with strong market potential. Eleventy’s journey—from its initial shop-in-shop to standalone stores—is a testament to our strategy of testing, scaling, and growing global luxury brands. This approach enables us to continuously evolve the retail experience and deliver distinctive offerings that resonate with our customers.”

Five standalone Eleventy stores set to open

The five standalone Eleventy stores are scheduled to open in 2025 at key locations including Solitaire Mall in Saudi Arabia, Mall of the Emirates, and Marsa Al Arab—all of which opened this month—with Dubai Mall and The Grove (UAE) to follow later this year. Known for its sustainable practices and premium materials, Eleventy reflects a growing consumer preference for quality and understated sophistication, under the ‘Made in Italy’ banner.

This expansion builds on Eleventy’s existing regional presence, which includes a shop-in-shop at THAT Concept Store, a pop-up at Mall of the Emirates, and its first standalone location at Marina Mall Abu Dhabi, opened with Majid Al Futtaim in November 2024.

Strengthening partnership with Poltrona Frau

Majid Al Futtaim is also strengthening its partnership with Poltrona Frau, the iconic Italian luxury furniture brand, by opening its first store outside the UAE at Centria Mall, Riyadh, in May. Poltrona Frau achieved remarkable growth in 2024, with revenue increasing fivefold following the launch of its second UAE store at Mall of the Emirates.

Corneliani makes regional debut in Saudi Arabia

Italian menswear brand Corneliani made its regional store debut in April at Solitaire Mall in Saudi Arabia. Founded in 1930, Corneliani is one of Italy’s oldest independent luxury brands, renowned for its meticulous craftsmanship and presence in over 70 countries. With the launch of its first standalone store in the Middle East, Majid Al Futtaim is bringing Corneliani’s timeless suits and sophisticated casualwear to a broader audience in the region.

“Eleventy’s philosophy of understated elegance and commitment to sustainability resonates strongly with the sophisticated Middle Eastern consumer. We are excited to strengthen our partnership with Majid Al Futtaim, whose visionary approach to luxury retail is shaping a new standard focused on customer needs,” said Marco Baldassari, Co-Founder and Menswear Creative Director at Eleventy.

“Since partnering with Majid Al Futtaim more than two years ago, we’ve focused on strategic growth and elevating the customer experience. The revitalisation of our flagship store in Jumeirah and our debut at Mall of the Emirates were key milestones. We’re now excited to bring this momentum to the Kingdom of Saudi Arabia with our first store in Riyadh—further strengthening our presence in the GCC,” added Nicola Coropulis, CEO of Poltrona Frau.

Continuing momentum in 2025

Majid Al Futtaim’s expansion in luxury retail builds on a record-setting 2024, which saw a 26 per cent increase in revenue and a 31 per cent surge in digital sales across its lifestyle portfolio.

StLast year also saw the opening of 17 new stores across the region, bringing the total to 87—featuring flagship locations for brands such as lululemon, Psycho Bunny, Shiseido, Crate & Barrel, and CB2, alongside 27 e-commerce platforms. Looking ahead, 2025 is poised to be another milestone year, with plans to open 30 new stores across the region—including seven in Saudi Arabia, a key market for the group.

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