XOTO and Ikonic International Form UAE PropTech Joint Venture
Dubai-based PropTech company XOTO has announced a 50:50 joint venture with Ikonic International, part of the Sawarthia Group, to expand its AI-powered property and mortgage platform across the UAE. The partnership will combine XOTO's technology with Ikonic International's business network and operational expertise to support the platform's expansion in the country's real estate market.
XOTO aims to onboard 400 partner brokers across the UAE by the end of December 2026.
XOTO's platform allows property brokers to assess buyers' mortgage eligibility, compare financing options from multiple banks, track applications and access property listings. It also provides centralized deal management tools and commission visibility.
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Ikonic International, established in 2018, operates across several sectors, including mobile phone distribution, motorcycle leasing, last-mile delivery, limousine services, agribusiness, wealth management and bullion trading. Its parent group, Sawarthia Group, traces its business roots to 1979 and has operated in Dubai since 2004. According to the announcement, the wider group's business network generates more than US$3 billion in aggregate annual revenue.
Hirdeyjeet Singh, Chief Operating Officer of XOTO, said the company aims to improve how brokers manage property transactions by integrating AI-powered tools into their operations: "Rather than simply digitizing existing processes, we are building solutions that help brokers work smarter, respond faster and convert opportunities more efficiently; from identifying a buyer's mortgage eligibility to managing the transaction journey."
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