Launching the digital currency service in the Dubai Free Market

The Dubai Free Market has signed a memorandum of understanding with the “Crypto.com”, the world leader in digital currency services, to discuss the possibility of activating payments in digital currencies and developing joint cooperative initiatives, based on the commitment of the fixed market to upgrade the experience of customers, enhance innovation and provide the finest services in the travel retail sector.

The Memorandum of Understanding pave the way for the adoption of payments in digital currencies in the Dubai Free Market, whether inside market stores or online, which allows travelers flexible, more varied and innovative payment options, and opens wide horizons to expand areas of cooperation through strategic partnerships, joint marketing campaigns, and interactive customer programs that invest strengths for both sides.

The agreement was signed, at the headquarters of the Emirates Airlines in Dubai, by Ramish Kidambi, Executive Director of the Dubai Free Market and Mohamed Al -Hakim, Chairman of Operations, Crypto.com Emirates, in the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority and Chairman of the Board of Directors of the Dubai Free Market.

Commenting on the signing of the agreement, Kidambi said: “This agreement embodies our firm commitment to innovation and our keenness to provide more comfort and advanced and varied payment options for our customers, and we seek in the Dubai Free Market, which is a global destination that receives millions of travelers, constantly to upgrade the shopping experience, based on our complete awareness to adopt digital payment solutions is a step A promising future adds a real value to our diverse customer base, and supports our vision of sustainable growth. “

For his part, Erik Anziani, President of Crypto.com and CEO of Operations, said: “We are happy to sign an important memorandum of understanding with the Dubai Free Market, in continuation of our strategy aimed at expanding the use of digital currencies in daily life.

This cooperation provides constructive with distinguished partners such as the Dubai Free Market a real batch to enhance the digital asset sector, and the two parties will enable innovative financial solutions to customers. We look forward to working together, and continue to enhance our digital currencies in the Gulf region.

“We continue to focus on creating advanced and integrated digital financial solutions that meet the aspirations of our customers, benefit from the potential of digital financing and contribute to advancing the growth of this vital sector,” added Alan Yassin, President of the Crypto dot com Middle East.

The Memorandum of Understanding with the Dubai Free Market is an important station in our march, and gives us the opportunity to achieve our goals in cooperation with prominent partners in the region. We are optimistic about the capabilities of this partnership and the new horizons it opens before us for innovation and sustainable expansion. “

This step reflects the positive momentum and the continuous success in the performance of the Dubai Free Market, which witnessed in the first half of the year noticeable leaps in sales, which recorded 4.118 billion dirhams (1.128 billion US dollars), an increase of 5.34% compared to the same period last year.

The Dubai Free Market Plans to adopt digital currencies as a new and innovative option for payment, a qualitative shift that re -draws the features of retail trade in airports, as it will provide the process of combining ease, safety, innovation and advanced technologies, the opportunity to upgrade airport shopping experience to an unprecedented level of modernity and development.

The introduction of payments in digital currencies will contribute to helping the market to meet a broader set of customers’ desires and preferences, and reflects its commitment to the national vision of the UAE in promoting innovation and advancing the digital transformation in the retail sectors and financial services.

The Dubai Free Market, a leader in adopting the latest technology and weaving the best strategic partnerships, continues to pay the limits of innovation in the field of digital payment solutions. During the past years, advanced payment systems such as “Alipay” and “Terrapay” have adopted, and thanks to its cooperation with the most prominent payment service providers, it is working to build an integrated system and is able to keep up with the challenges of the future, which enhances its position as an innovative destination in the world of travel trading in the world.

The two parties will then be able to conduct feasibility studies and develop detailed plans to apply digital currencies and implement joint initiatives agreed under the Memorandum of Understanding.