XOTO, a Dubai-based artificial intelligence-powered property technology platform, has announced a 50:50 joint venture with Ikonic International, part of the Sawarthia Group, to accelerate AI-led transformation of the United Arab Emirates real estate market. The partnership combines XOTO's mortgage and transaction technology with the operational scale and market relationships of an established diversified business group. The collaboration aims to equip property brokers with faster financing tools, greater visibility, and integrated deal management capabilities.
Strategic Backing from an Established Business Group
The joint venture represents a significant milestone for XOTO and provides more than a strategic investment. XOTO gains a strong business foundation, established market relationships, and the backing of a group with a proven record of building and scaling businesses in the UAE. Sawarthia Group has business roots dating back to 1979 and has maintained a presence in Dubai since 2004.
Operational Foundation and Market Access
Ikonic International, established in 2018, operates across mobile phone distribution, motorcycle leasing, last-mile delivery, limousine services, agribusiness, and wealth management. The group reports annual revenues exceeding US$3 billion and has business activities spanning the GCC and selected international markets. This operational expertise and network provide XOTO with a strong platform to pursue its ambitions in the UAE's real estate sector.
AI-Powered Technology for Brokers
XOTO's integrated platform addresses persistent challenges in the property transaction lifecycle, including mortgage eligibility assessments, lender comparisons, application tracking, property discovery, and commission visibility. Brokers can assess a prospective buyer's mortgage eligibility within seconds, compare financing options across multiple banks, and track applications through the process. Combined with live property listings and centralized deal management tools, the platform is designed to reduce operational friction and improve visibility.
A Differentiated Market Approach
XOTO aims to go beyond being another property technology platform by combining AI-powered capabilities with the reach and relationships of the broker community. The company is building a connected ecosystem intended to make property transactions more efficient for brokers, buyers, and other stakeholders. Rather than simply digitizing existing processes, XOTO focuses on helping brokers work smarter, respond faster, and convert opportunities more efficiently.
Expansion Goals and Community Engagement
As part of its immediate expansion plans, XOTO is targeting 400 partner brokers across the UAE by the end of December 2026. The joint venture is expected to strengthen market reach, support broker adoption, and accelerate the deployment of AI-led solutions. XOTO will host an exclusive broker engagement session at Capital Club in Dubai on 16 October 2026 to introduce its capabilities and demonstrate the XO Bot solution.
Leadership Perspectives
Nikunj Sawarthia, Managing Director of Ikonic International, said the Sawarthia Group's journey has been built over decades on strong business fundamentals, trusted relationships, and the ability to identify opportunities across evolving markets. He believes technology will be a critical enabler in unlocking the next phase of growth in UAE real estate. Hirdeyjeet Singh, COO of XOTO, added that the company's ambition is to create meaningful differentiation by bringing AI, technology, and the broker ecosystem together.
With the backing of Ikonic International and the Sawarthia Group, XOTO is positioning itself to bridge the gap between real estate expertise and technology. The joint venture provides a scalable, broker-centric platform for the next phase of the UAE property market's evolution. By focusing on practical AI applications, faster financing, and transparent transactions, XOTO aims to support a more efficient, accessible, and connected real estate ecosystem across the UAE.