News

NEOM Announces Luxury Tourism Destination Epicon

The glistening coastal tower will be situated on the Gulf of Aqaba and is billed as “a gateway to the future”.

Published

8 months ago

November 16, 2023

Nour Nasir

NEOM

Planners of NEOM, the sustainable urban development being built in northwest Saudi Arabia, have announced a new addition to the project named Epicon, a luxury coastal tourism destination on the Gulf of Aqaba.

Epicon will “set new standards of hospitality and architecture”, according to a recent NEOM press release. Rising from the desert like a glistening mirage, the facility will feature two huge towers, one 225 meters tall and the second a massive 275 meters. The towers will house 41 ultra-premium hotels and luxury residences comprising 14 suites and apartments. A short distance from the hotel, a separate resort complex will blend “tranquility with indulgence” with another 120 rooms and 45 residential beachside villas.

In the press release, NEOM officials describe Epicon as a place “designed as a gateway to the future [providing] an opportunity to escape the stresses of the every day”. Whether relaxing at the beachside club, taking a wellness treatment at the luxurious spa, or exploring the surrounding nature, the coastal tower resort will offer guests an unparalleled experience, along with a wide array of culinary options from its many restaurants and bistros.

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Epicon will also offer residential apartments, giving unrestricted access to world-class facilities and views of one of the most desirable shorelines in the region. Amenities will include a state-of-the-art gym, high-tech workspaces, a library, swimming pools, and club lounges.

News of the Epicon facility follows the recent announcement by NEOM of Leyja, a sustainable tourism destination situated in a beautiful natural valley. Overall, it appears that the development of Saudi Arabia’s northwest region will soon make it one of the world’s most desirable tourist locations.

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

22 hours 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”.

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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.