AI-driven PropTech platform XOTO has announced a strategic 50:50 joint venture with Ikonic International, part of the Sawarthia Group. The partnership marks a key milestone in XOTO’s growth journey, bringing together the strength of an established business group with a technology platform designed to address critical inefficiencies in the UAE’s real estate market.
The joint venture represents a business foundation, established market relationships and the backing of a group with a proven track record of building and scaling businesses in the UAE. The collaboration comes at a time when technology-enabled solutions, faster financing and greater transaction transparency are becoming increasingly important to the region’s dynamic property market.
With business roots dating back to 1979 and a presence in Dubai since 2004, the Sawarthia Group has built a diversified portfolio ranging multiple sectors. Its associated enterprise, Ikonic International, established in 2018, operates across mobile phone distribution, motorcycle leasing and last-mile delivery, limousine services, agribusiness and wealth management, with reported annual revenues exceeding USD 3bn. This established business foundation, combined with Ikonic International’s operational expertise and network, provides XOTO with a strong platform to pursue its ambitions in the UAE’s real estate sector.
The joint venture will focus on equipping property brokers with technology that addresses some of the challenges in the transaction lifecycle, comprising mortgage eligibility assessments, lender comparisons, application tracking, property discovery and commission visibility.
“The Sawarthia Group’s journey has been built over decades on strong business fundamentals, trusted relationships and the ability to identify and build opportunities across evolving markets.
“The UAE real estate sector represents a compelling opportunity, and we believe technology will be a critical enabler in unlocking its next phase of growth.
“Through Ikonic International, we see an opportunity to combine our established business foundation and market relationships with XOTO’s technology-led approach.
“We believe this combination can create meaningful value for the broker community while building a scalable business in one of the region’s most dynamic sectors.”
Nikunj Sawarthia, Managing Director, Ikonic International
XOTO’s integrated platform enables brokers to assess prospective buyers’ mortgage eligibility within seconds, compare financing options across multiple banks and track applications through the process. Combined with access to live property listings and centralised deal management tools, the platform is designed to reduce operational friction, improve visibility and allow brokers to focus more on client relationships and conversions.
A key differentiator is XOTO’s ambition to go beyond being another property technology platform. By combining AI-powered capabilities with the reach and relationships of the broker community, the company aims to create a connected ecosystem that makes property transactions more efficient for brokers, buyers and other stakeholders.
XOTO is also targeting 400 partner brokers across the UAE by the end of December 2026. The joint venture is expected to strengthen its market reach, build broker adoption and support the wider deployment of its AI-led solutions.
“Our ambition is to create a meaningful differentiation in the real estate market by bringing AI, technology and the broker ecosystem together.
“Rather than simply digitising 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.
“We believe the real strength of this model lies in combining intelligent technology with the reach, experience and relationships of brokers and agents. Ikonic International and the Sawarthia Group bring a strong business foundation and valuable market access that can help us scale this vision and build a more connected, efficient real estate ecosystem across the UAE.”
Hirdeyjeet Singh, COO, XOTO
