News
Dubai to benefit from 1M+ hotel room nights amid major business event wins
Dubai Business Events (DBE), the city’s official convention bureau, recorded a total of 301 successful bids for meetings, conferences, and incentives in 2019. Set to attract an expected 150,095 delegates to Dubai over the coming years, the winning bids will deliver approximately 620,000 room nights for the city and, added to wins from previous years, means the total expected hotel room night pipeline stood at 1,031,060 at the start of 2020.
The city’s convention bureau also witnessed a steady growth of its Al Safeer Congress Ambassadors Programme, with 342 active ambassadors in 2019, up from 316 ambassadors in 2018.
DBE submitted a total of 595 bids in 2019, marking an increase of close to 7% in comparison to 2018, making it the bureau’s most active year in terms of bid submissions. This reflected an uplift in the number of events identified in partnership with local associations, businesses and other stakeholders, and the increasing confidence in the city’s ability to host them, taking advantage of Dubai’s strong infrastructure, ease of connectivity, world-class hotels, and state-of-the-art venues.
Issam Kazim, Chief Executive Officer of Dubai Corporation for Tourism and Commerce Marketing, said: “Last year was a significant one for Dubai Business Events, and the successful bid wins are a testament to the city’s rapid growth as a leading business and knowledge hub.
We would like to thank our partners and stakeholders for their unwavering support in driving the contribution of business events to achieving our overall tourism ambition. With Expo 2020 Dubai approaching, this is set to be a landmark year for the city, providing an unrivaled opportunity to further demonstrate the city’s ability to host successful and impactful events of all sizes.
Our aim is to build on the momentum we have already gathered and continue to partner with stakeholders and business events professionals globally to pursue opportunities to bid for and secure key events for the city.’’
DBE’s notable wins in 2019 included: the Million Dollar Round Table Global Conference set to take place in 2020 with a total of 10,000 delegates in attendance, the 45th World Hospital Congress taking place in 2021 with 1,100 delegates in attendance, and the Geospatial Week being hosted in 2021 which is set to attract 1,500 delegates.
Additionally, the city’s official convention bureau secured the Asian Congress of Emergency Medicine set to take place in 2025, welcoming 1,300 delegates, as well as the International Association for the Protection of Intellectual Property World Congress in 2025, that will bring 1,300 delegates to Dubai.
Major incentive travel programs secured in 2019 included: the Amway Europe Annual Incentive with 3,200 delegates expected, the Sun Hope International Annual Incentive with 2,000 delegates in attendance, and the SAS EMEA Sales Kick-Off, which is set to welcome 1,300 delegates, all taking place this year. DBE also won the Amway China Leadership Seminar, which saw 8,000 delegates gather in Dubai last month and the Enersys Phoenix XL Annual Incentive that is set to welcome 1,000 delegates in 2021.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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