Tag Archives: investment

In an exclusive interview with TravelTV MiddleEast Alan William – Chief Strategy Officer Satguru Travel shared that their main focus is “quality” to ensure customer experience as travel bounces back. He reiterated, “we own the product to ensure the quality of the places the end customer would encounter.” He added that investment into the various aspects in the travel, tourism and hospitality sectors are eminent as they forge ahead with new partnerships with various suppliers for the year. He mentioned these comments as Satguru travel recently hosted their valuable partners to an enchanting evening at the desert, titled “Gratitude in the desert” where over 100 top management officials from airlines, hotels, travel technology companies, attractions etc attended.

NEOM, the smart and sustainable regional development in northwest Saudi Arabia, has announced a USD 175 million Series E investment in Volocopter, the pioneer of Urban Air Mobility. The land of the future giga-project will take a significant equity stake in the company as part of its strategic engagement with the global eVTOL industry, positioning it as a leader in future mobility solutions. This deal will expand NEOM’s strategic partnership with Volocopter to progress an advanced air mobility industry in Saudi Arabia, in line with NEOM’s cutting-edge strategy for its mobility sector. It builds on the NEOM-Volocopter joint venture launched in December 2021, which will operate electric air taxi services in NEOM to connect various regions including THE LINE, OXAGON and TROJENA. Nadhmi Al-Nasr, Chief Executive Officer at NEOM, said: “This crucial investment aligns with the ambitious plans announced by HRH the Crown Prince Mohammed bin Salman, the Chairman of NEOM’s Board of Directors, for the Kingdom to achieve sustainability and to develop NEOM into an accelerator of human progress. It will contribute to taking humanity closer to a new era of mobility – an era defined by zero-emission, electrically-powered vertical take-off and landing vehicles. Together with the Kingdom’s General Authority of Civil Aviation, NEOM and Volocopter will make concepts like air taxis an everyday reality for its residents and visitors. Powerful partnerships such as the one that NEOM is cultivating with pioneering companies like Volocopter will fuel giant leaps forward – not just for the benefit of NEOM and the Kingdom – but for all.” Dirk Hoke, CEO at Volocopter, added: “This is the first time in history that eVTOLs, with their unique characteristics, are being factored into the …

The Tourism Development Fund (TDF) which entered into a tripartite partnership with Ennismore, the fastest-growing lifestyle hospitality company in the world, and Al Rajhi Capital, one of the leading Asset Managers in Saudi Arabia, has identified multiple sites to develop exciting lifestyle developments across the Kingdom, including urban beachfront sites. The projects to be developed are part of the newly formed Lifestyle Hospitality Fund, which has recently received approval by the Saudi market regulator, Capital Market Authority (CMA). The fund aims at advancing Ennismore’s lifestyle hotels in the Kingdom with a targeted fund size of USD 400 million (SAR 1.5 billion). In 2021, during the Future Investment Initiative in Riyadh, TDF and Ennismore signed an MOU to commence the discussions for launching an investment fund. This was followed by TDF, Ennismore, and Al Rajhi Capital signing a tripartite agreement in July this year to establish the now approved lifestyle hospitality fund. Furthermore,  MOUs were signed with selected investors who expressed interest in coming into the fund with their respective assets. TDF will be the anchor investor in the newly established investment fund, while Ennismore will lead on the operation of these assets post completion under the umbrella of its lifestyle brands. Al Rajhi Capital will manage the development fund and attract investments. Ennismore is a global collective of entrepreneurial and founder-built brands with creativity and purpose at their heart, bringing together a lifestyle powerhouse of 14 brands with 103 operating properties and 144 in the pipeline. Ennismore’s globally recognized brands include: 25hours Hotels, Mama Shelter, Mondrian, The Hoxton, TRIBE, SLS, SO/ and coworking brand, Working From_. The fund will have significant impact on the tourism offering in the KSA as …

Emirates officially opened its ‘Emirates World’ retail store experience in the heart of Jumeirah, one of Dubai’s most vibrant communities. Located in Jumeirah Town Centre, the airline’s redesigned 3,000 square foot retail store is an open and fluid space for customers to shop for all of their travel needs in a lounge-like environment. It will also offer customers the ability to literally immerse themselves in Emirates’ signature products via VR/ AR technologies. Emirates World was officially inaugurated with a special ribbon cutting by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline & Group. Also in attendance was Sir Tim Clark, President Emirates Airline, Adnan Kazim, Emirates’ Chief Commercial Officer, senior Emirates commercial and sales executives, in addition to government representatives, industry guests, corporate customers and members of the media. Adnan Kazim, Emirates’ Chief Commercial Officer said: “Emirates World sets a new standard for the travel retail store experience and embodies our commitment to provide customers best-in-class products and services across every touchpoint. The opening of this latest concept store is an expression of our retail vision for the future and marks the first of several stores we’ll be opening in the coming years across our network. It’s also part of our larger retail strategy to make the store experience more convenient, engaging and personal.  We’ll employ a mix of the latest technology coupled with personalised one-to-one service from our highly knowledgeable travel consultants. Our open, welcoming, and functional space will also allow customers to discover our products like Premium Economy seats, in addition to a host of other elegantly displayed experiences.” The Emirates World store features a free-flowing open floor plan that allows customers …

The Kingdom of Saudi Arabia’s tourism ecosystem is undergoing a major overhaul with the announcement of a New Tourism Law approved this week by a Council of Ministers Resolution. The law will accelerate the development of an internationally competitive tourism sector in the Kingdom which will drive business, innovation, and investment. The New Tourism Law will establish new regulatory environments in the Kingdom to attract tourism innovators and improve ease of doing business. This allows new or experimental tourism businesses to receive special licenses and support from the Ministry, allowing them to flourish. It will also streamline licensing processes and procedures by creating a one-stop-shop platform for all tourism stakeholders. Both initiatives were announced in February 2022 as part of the Ministry’s Digital Tourism Strategy. With the new legal framework, the Ministry of Tourism will have greater control of the quality of tourism services offered within the Kingdom, ensuring the highest standards possible for both tourists and businesses while also strengthening destination development. The law also extends the Ministry’s remit for swift collaboration with government entities to mitigate risks and manage crises. The Council of Ministers further approved a resolution that empowers the Ministry of Tourism to enable sector growth. The resolution gives the Ministry permission to facilitate tax and custom exceptions or reductions with related government entities, creating powerful incentives for businesses to invest into the Kingdom’s growing tourism sector. It also enables the Ministry to work collaboratively with other private sector entities to establish work plans and training programs, enabling job creation and training for Saudis and boosting human capital development in the Kingdom. This new framework for collaboration with the private sector and relevant government entities will …

China’s Belt and Road initiative is expected to have major implications on trade and investment flows among Muslim countries, according to panellists addressing the topic at the Global Islamic Economy Summit 2018 (GIES) in Dubai. Entitled ‘One Belt, One Road, – How Might We Harness the Silk Route for the Islamic Economy?’, the panel highlighted the unprecedented opportunities for the Muslim nations that are located along the New Silk Road and examined the new growth opportunities that are opening up as the major infrastructure project progresses. Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, the UAE and Ruler, Dubai, the fourth edition of GIES is organised by Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre in cooperation with Thomson Reuters as strategic partner. Held from October 30-31, 2018, GIES attarcted the participation of over 3,000 key decision makers, policymakers, government officials, business leaders and industry experts from around the world. Launched by Chinese President Xi Jinping in 2013, Belt and Road aims to improve connectivity and cooperation between Eurasian countries. During the session, Professor Nabil Baydoun, Vice Chancellor, Academic Affairs Hamdan Bin Mohammed Smart University, Dubai, spoke about the geographical importance of what is a new ‘Silk Route’ and how the project is an integral part of the Chinese plan for their economy. “It helps China increase trade among 65 countries and its biggest advantage is that it brings China closer to the world. Each nation needs to step up and play a part in working towards Belt and Road. Chinese regulations need to open the door to the world,” he said. Professor Wang Yiwei, …

The State Government of Victoria is celebrating 20 years of trade and tourism ties with the Middle East region. The Australian state set up its Victorian Government Business Office (VGBO) in 1997 to forge and strengthen trade and investment ties with the region, which two decades later has seen Victoria’s annual exports to the Middle East and North Africa (MENA) region grow to AUD$ 2.49 billion (US$ 1.85 billion). Tourism and aviation links between Victoria and the region have also multiplied over the years, with Emirates Airline, Etihad Airways and Qatar Airways all flying daily to Melbourne. Emirates Airline has had a long-term relationship with Melbourne, having sponsored the famous Collingwood Football Club and the Emirates Melbourne Cup, the flagships among a portfolio of key partnerships in the state. Etihad Airways also has a strong connection with Melbourne, which is home to Australia’s Etihad Stadium, and has seen the UAE’s national carrier become the lead sponsor of Melbourne City Football Club.