Majid Al Futtaim (MAF) Ventures, a unit of Dubai-based conglomerate MAF Holding, has made an investment in UAE-based mobile commerce and rewards platform Beam Wallet, according to a statement released by the company on Wednesday.
The partnership with Beam Wallet marks MAF’s entry into the technology industry. MAF, however, did not disclose the investment figure.
The investment will help MAF “create a unique ecosystem of rewards for its broad customer base”, the company said in the statement. It will also enable Beam Wallet to expand locally, regionally and internationally.
The new partnership will boost Beam Wallet subscribers’ access to MAF’s retail brands including Vox Cinemas, Najm and Carrefour. MAF also plans to extend the service across its leisure, entertainment and fashion brands in early 2015.
Beam Wallet’s smart mobile phone application has more than 100,000 users and more than 1,100 retail outlets.
Source: http://www.zawya.com/story/MAF_invests_in_Beam_Wallet-GN_17122014_181227/
