News

Saudi Arabia Plans Huge Adventure Tourism Oil Rig Facility

THE RIG is located 40 km offshore, close to Al Juraid Island and the Berri Oil Field in the Arabian Gulf.

Published

6 months ago

January 19, 2024

Nour Nasir

saudi arabia plans huge adventure tourism oil rig facility

Public Investment Fund

Saudi Arabia has unveiled plans for a groundbreaking adventure tourism project known as THE RIG, which takes inspiration from offshore oil platforms, and is poised to become the world’s first adventure tourism hub. The development is led by the Oil Park Development Company (OPDC), and is set to revolutionize marine sports and global adventure tourism.

Aligned with the goals of Saudi Arabia’s Vision 2030 initiative, THE RIG aims to strengthen the nation’s tourism sector, create job opportunities, attract investments, and diversify the economy. The expansive facility, covering an area of 300,000 square meters, is strategically positioned approximately 40 kilometers off the coastline, near Al Juraid Island and the Berri Oil Field in the Arabian Gulf.

the rig saudi arabia

Raed Bakhrji, CEO of OPDC, envisions THE RIG as a magnet for an estimated 900,000 visitors annually by the year 2032, drawing individuals from domestic, regional, and international backgrounds.

Also Read: Dubai Plans To Deploy Driverless Pods And Green Rail Buses

THE RIG will feature three hotels, collectively offering 800 rooms, along with 11 dining establishments, a marina, helipads, and an extreme sports and adventure park. The extensive array of water-based activities comprises a diving center, amusement park, splash park, eSports center, immersive theater, and a versatile arena, ensuring a multifaceted and exhilarating experience for all visitors.

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.