MySafe Dubai

What MySafe Dubai does

MySafe Dubai (legally MySafe Global Vaults Limited) operates an automated, insured safe deposit box rental service headquartered in Dubai, United Arab Emirates. Founded in 2018 by Terry Downes — a former military anti-terrorist unit member — the company targets a structural gap left by retail banks that exited or contracted safe deposit box services after the post-2008 shift to digital banking. MySafe currently operates ten sites spanning Dubai (6 locations), Ras al Khaimah, Kenya, and newly opened Las Vegas (USA) and Mumbai (India), with backup subsidiary entities in the USA, India, Kenya, and Ras al Khaimah. The legal entity is a UAE private limited company with Safika International Holdings (PTY) Limited holding a 26% stake acquired in January 2020.

The service is built on proprietary automated safe robotics integrated with multi-layered authentication: proximity card, 4-digit PIN, and palm-vein biometric verification. After authentication, the system delivers the customer's box to a private viewing room in approximately ten seconds, with no staff handling of the box. Four box sizes are offered (45mm, 70mm, 120mm, and 170mm depth), and contents can be insured through Lloyd's of London for coverage ranging from AED 80,000 (base) up to AED 5,000,000 per box. A mobile application launched in February 2024 extends the offering to remote booking and account management.

Revenue is generated primarily through recurring quarterly or annual box rental subscriptions priced AED 945–2,400 per quarter (AED 3,500–8,700 per annum plus 5% VAT), with supplementary streams from optional enhanced insurance premiums and a customer referral program (AED 500 per converted referral). The go-to-market is hybrid: a direct-to-consumer self-serve motion through the website, mobile app, and walk-in demos at branch locations, paired with an enterprise/corporate sales motion targeting high-net-worth individuals, expats, frequent travelers, and business owners in the UAE. The company has raised two disclosed funding events totaling approximately $5M, including a $4M round in June 2024, and is a leading member of the Global Safe Deposit Federation.

Name

MySafe Dubai

Legal name

MySafe Global Vaults Limited

Website

https://mysafe.ae

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

MySafe Dubai operates an automated, insured safe deposit box rental service in the UAE and East Africa, serving individual residents, non-residents, businesses, and precious-metals investors seeking 24/7 biometric-secured storage of jewellery, documents, and bullion.

Ownership category

akta.pro rank

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Safe Deposit Box Rental: Recurring subscription revenue from renting automated safe deposit boxes at four size tiers (Standard 45mm, Medium 70mm, Large 120mm, XLarge 170mm). Available as quarterly or annual subscriptions with prices ranging from AED 945 to AED 2,400 per quarter (AED 3,500 to AED 8,700 per annum plus 5% VAT).
2. Insurance Coverage: Optional insurance coverage for stored contents provided through Lloyd's of London. Base coverage of AED 80,000 included in rental fee. Enhanced coverage available up to AED 5,000,000 per box for additional premium.
3. Referral Program: Referral program offering AED 500 reward for referring new customers who rent a box.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

MySafe Dubai operates fully automated robotic safe deposit box rental centers across Dubai and Ras al Khaimah, offering 24/7 access to insured private boxes in four sizes (45mm, 70mm, 120mm, and 170mm depths). Customers authenticate via proximity card, 4-digit PIN, and palm-vein biometrics, with the proprietary robotic system delivering their box to a private viewing room in under 10 seconds. Optional insurance coverage underwritten by Lloyd's of London ranges from AED 80,000 (bundled with rental) up to AED 5,000,000 per box with no item-by-item declaration required.

Product overview

MySafe Dubai offers a unified automated safe deposit box rental service built on advanced robotics technology. The core offering consists of physical safe deposit boxes available in four sizes (Standard 45mm, Medium 70mm, Large 120mm, and XLarge 170mm depth), all accessible 24/7 through a multi-layered security system combining proximity card, PIN code, and biometric vein pattern authentication. The service integrates optional insurance coverage through Lloyd's of London (up to 5,000,000 AED per box) and a mobile application for booking management. All boxes are wider and longer than A4 paper and are delivered to private viewing rooms via robotics within approximately 10 seconds.

Differentiator

Problem solved

Functional benefit

Products and services

• Automated Safe Deposit Box Rental Service Fully automated, 24/7 safe deposit box rental service using advanced robotics technology. Clients access boxes through multi-layered security including proximity card, 4-digit PIN code, and palm-vein biometric authentication, with boxes delivered by robotics in approximately 10 seconds to a private viewing room. Available in four sizes (Standard 45mm, Medium 70mm, Large 120mm, XLarge 170mm) on quarterly or annual subscriptions to UAE residents and non-residents.
• MySafe Global Vaults Mobile App Mobile application for secure deposit box booking and account management. Enables customers to securely manage bookings, access account information, and utilize services regardless of location through remote self-serve.

Quantifiable outcome

• Box delivered to private viewing room in approximately 60 seconds after biometric authentication
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core, flagship and minor.

• Global Safe Deposit FederationcoreOthersPrestigious global foundation of members aspiring to provide quality safe deposit box services worldwide. MySafe is a leading member. Federation sets global standards for security and meets stringent criteria of global insurance industry. Includes vision of 'client centric' services for discerning global client base.
• Kempinski Hotel & Residences Palm JumeirahflagshipChannel Partner/ Reseller/ DistributorLuxury hotel partnership providing prestigious vault location in Palm Jumeirah lobby. Serves both hotel guests and local residents seeking heightened discretion in a luxury setting reflecting Dubai's renowned hospitality landscape.
• Grand Hyatt Hotel DubaicoreChannel Partner/ Reseller/ DistributorHotel partnership providing central Dubai vault location in Grand Hyatt lobby. Serves Oud Metha community, hotel guests, and locals seeking accessible yet secure safety locker storage solution.
• Dubai Airport Freezone Authority (DAFZA)coreChannel Partner/ Reseller/ DistributorStrategic location within Dubai's prime trade and logistics hub. Provides secure vault storage for international travellers, gold traders, and business clients with swift access to Dubai International Airport.
• Standard Bank GroupminorOthersAfrica's largest lender by assets with operations across 27 African countries. Connected to Safika International Holdings (26% MySafe investor) through reciprocal shareholding. Safika's Chairman Saki Macozoma was formerly deputy Chairman of Standard Bank.

Scale indicators5 records

Recent moves11 records

Expansion highlights7 records

Broad incumbents

• Safestore Holdings:
• Brink's (The Brink's Company): Global secure logistics, cash management, and valuables storage company listed on the NYSE. Comparable to MySafe in the secure storage of high-value items and precious metals, but operates a much broader portfolio of services across cash-in-transit, ATM, and digital retail solutions.
• Loomis AB: Swedish-listed global cash handling, secure transport, and valuables storage operator with a much broader portfolio than MySafe. Comparable as a broad incumbent in secure storage and logistics for high-value items, though Loomis focuses primarily on B2B cash-in-transit and bank relationships rather than consumer vault rental.

Direct peers

• Malca-Amit: Global secure logistics and storage specialist for diamonds, jewellery, precious metals, and bullion with operations across major financial centers. Comparable to MySafe in serving the gold/jewellery storage use case and in offering insured, multi-jurisdiction secure storage to HNW and institutional clients.
• Safecore: UK-based operator of automated safe deposit box facilities. Safecore offers 24/7 biometrically-secured vault rentals in central London and is one of the closest direct competitors to MySafe's automated, insured, off-bank safe deposit box model.
• UK Vault Safe Deposit: UK safe deposit box rental operator with multiple locations offering private, secure vault access for individuals and businesses. Directly comparable to MySafe on product (rental boxes), customer base (HNW individuals and corporate), and value proposition (privacy, security, insurance).
• Sentinel Vaults: Safe deposit box rental company operating multiple UK sites. Comparable to MySafe in offering tiered box sizes, biometric access, and insurance options for stored valuables to HNW individuals and corporate clients.

Regional players

• Privé Safe Deposit (Privé Technologies): Swiss safe deposit box operator serving European HNW clients with private vault facilities. Comparable to MySafe on customer segment and insured storage model, but operating in a different geography (Switzerland/Europe vs. UAE/Middle East).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/MySafeDubai
• LinkedInlinkedin.com/company/mysafedubai-uae
• Facebookfacebook.com/mysafeuae

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MySafe Dubai