X2M to take 7% equity stake in Dicode, reflecting confidence in Dicode’s profitability and strengthening the alignment between the companies

HIGHLIGHTS

• X2M strategic partner Dicode Smart Connect Electronics wins contract with major UAE construction company to install smart gas and utility meters across 10,000 apartments
• This is Dicode’s second ‘Metering-as-a-Service’ commercial contract secured in the UAE in 2025, expanding its footprint in the Gulf Cooperation Council region’s rapidly growing smart infrastructure sector
• X2M to take 7% equity stake in Dicode, reflecting confidence in Dicode’s profitability and strengthening the alignment between the companies
• Dicode to use X2Ms propriety technology exclusively for a decade, with plans to expand into Saudi Arabia and the wider Middle East

X2M CEO Mohan Jesudason said:
“This contract validates our strategy to enter the Middle East via the UAE by partnering with a well-connected regional operator. Dicode has swiftly demonstrated its ability to capture a previously untapped smart metering market, securing two major contracts since February. Our equity stake reflects confidence in Dicode’s long-term success and strengthens our position as their exclusive technology partner. As demand for smart metering accelerates and Dicode expands beyond the UAE, we’re well placed to become the technology platform of choice across the broader region and to support the Middle East’s digital infrastructure transformation.”

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