News

Lebanon Preparing To Build New $70 Million Airport Terminal

The construction of the second terminal is hoped to increase the capacity of the airport from 8 million passengers a year today to 20 million by 2030.

Published

2 years ago

June 16, 2022

David Morelo

lebanon preparing to build new $70 million airport terminal

Directorate General Of Civil Aviation

Lebanon’s only international airport in Beirut is moving one step closer to the construction of its second terminal. According to Minister of Public Works and Transport Ali Hamie, the crisis-stricken country will soon launch an international tender for the $70 million project.

Once constructed, the state-of-the-art terminal will be used for chartered and low-cost flights, as well those carrying Muslim pilgrims to Saudi Arabia and Iraq. The construction of the new terminal, together with other expansions and technological improvements, is hoped to increase the capacity of the airport from 8 million passengers a year today to 20 million by 2030, as stated on the website of national carrier Middle East Airlines.

beirut international airport terminal 2

In the coming months, large numbers of travelers are expected to visit Lebanon and generate substantial revenue for the country, whose tourism sector alone corresponds to 7.5 percent of its gross domestic product.

“Occupancy rates are full at airlines and hotels,” Minister of Tourism Walid Nassar said in reference to the summer season. “Lebanese expatriates and foreigners who love Lebanon will come to Lebanon and it will be a promising summer.”

Also Read: Google Contributed Billions To The Middle East Economy In 2021

The capacity to comfortably welcome more travelers to the country would provide a nice economic boost for Lebanon, which is experiencing the first financial crisis in its modern history. What’s more, the terminal construction project, which will be carried out by the private sector, should create hundreds of new jobs.

The last time when the Beirut Airport underwent a modernization was in 1990, after the Lebanese Civil War, which left it in shambles and in need for major improvements. For the last several years, the airport has been operating at peak capacity, and the two large explosions at the Beirut port in 2020 only made the situation worse.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.