News
Saudi Startup Tamara Secures $340 Million In Funding
The fintech “buy now, pay later” platform has achieved unicorn status after being valued at $1 billion.
Saudi Arabia’s “buy now, pay later” platform, Tamara, is now worth a staggering $1 billion after a recent equity funding round led by SNB Capital that raised $340 million.
Other investors included Shorooq Partners, Pinnacle Capital, and Impulse, who joined existing backers such as Checkout.com, Coatue, and Endeavor Catalyst.
Tamara plans to use the significant cash injection to build new shopping and payment products and services, and intends to become “the next big giant in shopping, payments, and banking,” according to the company’s co-founder and CEO, Abdulmajeed Alsukhan.
“Saudi Arabia and the GCC deserve their place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs nurtured by a supportive local ecosystem and market regulator, we stand here today, humbled and hungry, ready for our own leapfrog moment. This achievement is a testament to the ecosystem, our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish,” the CEO said.
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The chief executive has also announced that Tamara is considering listing on the Saudi Arabian stock exchange and potentially in other markets in the near future. The company’s latest equity funding round comes after a debt-raising move earlier in November 2023 led by Goldman Sachs and Shorooq Partners.
With the global BNPL market projected to hit $565.8 billion in 2026, the future certainly looks bright for Tamara, with its user base of 10 million and 30,000 partner merchants spread across Saudi Arabia, the UAE, and Kuwait.
News
NEOM Announces Breathtaking Luxury Waterfront Development
The residential community will offer a wealth of living, dining, and entertainment options, along with a stunning marina and international school.
The board of Saudi Arabia’s special economic zone, NEOM, has revealed plans for a new development named Jaumur. The project will see the creation of a “cosmopolitan luxury community” nestled on the coast of the Gulf of Aqaba.
According to a recent press release, the luxury residential community will “serve the highest standards of future livability and active lifestyle [offering] a unique blend of experiences on both land and sea, complementing NEOM’s evolving regional development in northwest Saudi Arabia”.
Jaumur will include 500 apartments and 700 luxury villas clustered around a marina that will become home to 6,000 lucky residents. The location will offer private moorings and easy waterfront access, along with a selection of upscale hotels with a combined capacity of 350 suites.
The marina itself is a dramatic focal point of the development, featuring a colossal 1.5km covered mooring area in the shape of an aerofoil. The cantilevered structure not only forms a breathtaking landmark but will also be able to shelter the world’s largest superyachts.
The marina promenade promises to be a lively, vibrant area featuring a host of entertainment, leisure, and cultural experiences, along with upscale retail stores and world-class restaurants.
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Although Jaumur is very much a place for sophisticated living and relaxation, the development will also incorporate a “state-of-the-art deep-sea research center and top-tier international boarding school”. Planners hope to attract world-leading oceanographic researchers as well as elite students to this unique location.
We’ll leave the final words about this exciting development to NEOM’s press department: “Jaumur’s unique architectural design integrates water where golden sands meet the deep blue of the Gulf of Aqaba. It is a luxury destination to visit, explore, live, and prosper: an opportunity to become part of a dynamic community”.
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