In November 2018, MySafe more than doubled their initial capacity at their inaugural automated Safe Deposit Box center at Platinum Tower, JLT, Dubai adding a range of different box sizes to their portfolio (45mm, 70mm, 120mm and 170mm). Despite this increase, demand has been so strong that a number of box sizes have already sold out. Terry Downes, CEO MySafe went on the explain that while Dubai may be one of the safest cities in the world, the MySafe concept is not just about “security”, it’s equally about convenience and “peace of mind”.
In much the same way the ATM was initially found exclusively in the “Bank Hall” until they realized it would be so convenient to “Bring the ATM into the Mall” (revolutionizing the way we manage personal cash), MySafe has set itself the goal to “Bring the Vault” into the community and in so doing create options for the storage of items of personal or corporate value across a client base that may not have previously realized how convenient that option is. The concept of a “SMART”, convenient, fully insured, 24/7, fully automated service available to residents and non- residents alike has been very well received.
With the inaugural site almost at full capacity, MySafe have set about the creation of a network of MySafe sites grounded in the community it seeks to service with each site targeting a specific small catchment area. This makes the concept intimate, private, personal and focused on providing a level of convenience and service appealing to a very diverse client base.
Given the location of the MySafe inaugural launch in Dubai, seen by many as a “window to the world”, expressions of interest from potential partners in many different regions has been robust and indeed when pressed, Terry explained the plans for expansion include the launch of their own network of owned sites in 2019 in addition to exploring a small number of strategic partnership opportunities (hybrid franchise” with institutions, corporate clients or individuals) in different markets.
Mysafe will launch a number of new 100% owned sites across the UAE in 2019 and indeed take this opportunity to formally announce their 2nd UAE site will be located in the retail lobby of one of the most iconic hotel brands in the world. With over 12,000 people residing in the world famous “Palm Jumeriah”, Mysafe are currently completing the fit out to launch their 2nd UAE site in the retail lobby of the Kempinski Hotel and Residences, the Palm, Jumeriah and look forward to providing a premium service to residents and visitors alike.
MySafe will significantly increase their UAE Network in 2019 with a further three sites planned to roll out in 2019 and we look forward to updating members of the Safe Deposit Federation and those with interest in the industry over the coming months.
We take this opportunity to thank our clients who have supported us every step of the way. Spread across 30 different counties, many have become friends and their business is appreciated and never taken for granted. We also take this opportunity to thank fellow members of the SDF for their support and wish all members a safe and prosperous 2019.