News

NEOM Unveils Zardun, A High-End Ecotourism Retreat

The project aims to further improve the ever-growing Saudi ecotourism market with an upscale sanctuary resort.

Published

6 months ago

January 25, 2024

Nour Nasir

NEOM

According to recent data from Savills, the global ecotourism sector is projected to experience an annual growth rate of 15% from 2021 to 2027. In alignment with that upward trend, NEOM, Saudi Arabia’s ambitious $500 billion urban development, has disclosed plans to build an upscale sanctuary resort.

The lavish retreat, known as Zardun, will be built on a four-square-kilometer site, offering breathtaking vistas of the Gulf of Aqaba. NEOM officials have also confirmed that Zardun will boast no fewer than three deluxe boutique hotels.

Zardun will be populated by indigenous flora and fauna from the mountains to the shores and provide educational programs and on-site initiatives dedicated to the preservation, conservation, and rejuvenation of nature.

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The site will be meticulously crafted to “blend harmoniously with the natural surroundings” as a further commitment to sustainable tourism. Additionally, Zardun will incorporate a 360-degree observation platform, affording guests unparalleled panoramas. Ecotourism pursuits available to visitors will include hiking, mountain biking, rock climbing, stargazing, meditation, yoga, and more.

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

2 days 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.