Majid Al Futtaim (MAF), which operates shopping malls, cinemas and entertainment venues across the Middle East, announced on Tuesday that it had entered into a strategic joint partnership with cryptocurrency exchange Binance.
Through the collaboration, Binance will enable shopping mall developers to harness the power of Web3 technology to create new opportunities for their businesses and benefit millions of customers.
The two companies have agreed to collaborate on several blockchain projects, including listing NFTs on the Binance Marketplace, creating a digital wallet infrastructure to hold digital assets across multiple platforms, and integrating Binance Pay.
This partnership will allow customers in the Middle East and North Africa (a group of countries located across the Middle East and North Africa) to purchase cryptocurrencies from retail and entertainment giant MAF.
Alain Bejjani, CEO of Majid Al Futtaim, had this to say about the development: “We are excited to partner with Binance, the global leader in Web3, to open new frontiers in customer engagement and experience. It advances third-generation web technologies, develops powerful capabilities, delivers innovation, and delivers comprehensive world-class experiences for our customers.”
Binance CEO and co-founder Changpeng Zhao “CZ” said “Majid Al Futtaim is one of the most famous companies in the Middle East with millions of customers each year. The integration of Web3 technology allows customers to interact with new and diverse brands. It offers innovative methods and new payment methods.”
Majid Al Futtaim Holding Company LLC was established in 1992 and operates as a holding company. The company owns and develops shopping malls, retail stores, entertainment centers and leisure facilities in the Middle East and North Africa through subsidiaries operating in 13 countries. In 2016, the company generated $10.6 billion in revenue and $760 million in profit.
Majid Al Futtaim serves customers all over the world. The company currently owns and operates 29 shopping malls, 13 hotels and 4 mixed-use communities across the Middle East, Africa and Asia, and is Carrefour’s exclusive franchise in over 30 markets in the region, with further development underway.