News

Saudi Arabia Set To Invest $1 Trillion In The Real Estate Sector

Backed by a young population and expanding urbanization, the property sector has impressive future growth potential.

Published

2 years ago

December 12, 2022

saudi arabia set to invest $1 trillion in the real estate sector

S&P Global Ratings, a major US credit rating agency, has forecast sustained market growth for the Kingdom of Saudi Arabia, as $1 trillion is set to be pumped into infrastructure and real estate projects over the coming decade.

As well as a young and growing population, expanding urbanization is a significant reason for S&P’s promising predictions, with at least eight new cities being planned along the Red Sea coast by 2030. During the Distinguished Cities Projects Exhibition in Riyadh, nine agreements worth $533 million were signed by the National Housing Company and other national strategic partners.

Saudi Arabia’s large-scale real estate programs will provide 1.3 million new homes overall, invigorating the business and financial sectors, and pumping money into both commercial and residential building via investments.

Saudi Arabia’s economy has also benefited from government initiatives to attract multinational companies, with tech startups, in particular, gravitating to the Kingdom and boosting the occupancy rates of commercial and office real estate across the region.

Also Read: Metaverse Will Bring $15B Annually To Gulf Economies By 2030

S&P also noted that many new programs had been initiated to scale up local housing and revitalize the financial sector, potentially benefiting commercial real estate across the country. As the tourism sector continues to grow rapidly, even more real estate investment opportunities will present themselves as companies and private individuals seek to relocate to Saudi Arabia.

As well as experiencing a dramatic flourishing of the commercial and residential real estate sectors, Saudi Arabia’s 2030 vision is also bringing a boost to energy, healthcare and the wider digital economy.

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.