Dubai-Based Silkhaus Raises $7.7 Million Seed Funding to Digitize Short-Term Rentals

Middle East-based online travel marketplace Wego has acquired corporate travel platform Travelstop as part of its expansion into business travel and expense management.

In the second quarter of 2023, the Middle East’s hotel construction pipeline has seen significant growth, marking its highest project count since the first quarter of 2020, according to Lodging Econometric’s Middle East Hotel Construction Pipeline Trend Report.

Dubai International Airport (DXB) is set to get a AED 6 billion-AED 10 billion ($1.6 billion-$2.7 billion) mega expansion in the next 5-7 years.

The Central Bank of the United Arab Emirates this week revised the nation’s gross domestic product (GDP) growth for 2022 from 6.5 percent to to 7.6 percent. Explaining the reason for the renewed forecast, the bank cited stronger than anticipated performance of non-oil sectors, including tourism, hospitality, real estate, transportation and manufacturing. In its review report for the third quarter, the Central Bank noted that it expects non-oil gross domestic product to grow by 6.1 percent in 2022, compared to its previous estimate of 4.3 percent, while it expected oil gross domestic product to grow by 11 percent in 2022. Explaining the reasons for the steady growth in gross domestic product, the report cited the removal of most Covid-related restrictions, in addition to recovery of the tourism sector, real estate and construction boom, expansion of manufacturing activities, as well as the hosting of global events.

Jongyoon Kim, the CEO of South Korea-based superapp Yanolja, sees Tesla as the metaphor for its company highlighting how the electronic vehicle company has been rethinking the entire value chain.

Dubai-based property developer Nakheel announced it has secured $4.6 billion in strategic financing deal to drive what it calls, “the new phase of growth.”

Etihad Airways looks forward to welcoming over 1.5 million travellers at Abu Dhabi International Airport between November 21 and January 8. Abu Dhabi kicked off a calendar of events with The Formula 1 Etihad Airways Abu Dhabi Grand Prix held between November 17 and 20 last week. Football fans from around the world will also be flocking to the region as the FIFA World Cup started in Doha from Sunday. “Etihad with its partners, is geared up and ready to host 1.5 million expected guests over the next six weeks,” said Shaeb Al Najjar, general manager of hub operations at Etihad Airways.

Good morning from Skift. It’s Friday, December 16, and we are headed back from a successful Skift Forum in Dubai. Here’s what you need to know about the business of travel today.

India-headquartered travel tech firm RateGain Travel Technologies is acquiring Adara, a Silicon Valley-based firm in travel martech and predictive consumer intelligence. The cost: a mere $16.1 million, according to RateGain’s filing on the Indian stock market, which puts Adara, long troubled with management and competition issues for the last few years, out of its misery.

In a further liberalization of regulations to attract more tourists, Dubai has scrapped the 30 percent municipality tax on alcohol.

Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, launched the Dubai Economic Agenda — D33 with the ambitious goal of doubling the size of Dubai’s economy over the next decade. With economic targets of $8.7 trillion over the next 10 years, the agenda also aims to establish Dubai’s position among the top three global cities. A key priority of the D33 Agenda is to make Dubai one of the top three international destinations for tourism and business by providing a globally competitive environment for business and driving down the cost of doing business across a number of sectors. The agenda also includes the launch of innovative projects to help make Dubai the world’s best city to live and work in as well as drive sustainable economic growth through innovative approaches. “Dubai will rank as one of the top four global financial centers with an increase in foreign direct investment to over $177 billion over the next decade and an annual $27.2 billion contribution from digital transformation,” the Dubai ruler said.

American comedian and actor Kevin Hart is a man on a mission as he is looking to hire an ambassador for Abu Dhabi’s Yas Island. Hart, who was appointed Yas Island’s first-ever chief island officer in May, announced the job opening on social media on Monday, calling it the “world’s best job.” The salary being offered for the two-month role is $100,000. Anyone aged 21 years or above can apply for the job, the last date for receiving entries is January 23. “No CV, previous experience or cover letter needed, just your video up to 60 seconds (videos over 60 seconds will be disqualified),” the website mentioned. Once hired, the ambassador will take part in a variety of tourism activities for Yas Island while being put up at the W Abu Dhabi for 60 days. Yas Island has also made all the video applications public in its website.