Marhaba folks! 🌟

Today we will discuss,

• Dubai and Abu Dhabi Tourism Thrives with $27.2 Billion Investment Goal and $64.3 Billion GDP Boost

• Saudi Startup Reachware Gains $3m Funding Boost for Expansion and Innovation

• Saudi Fintech Assets Set to Hit $64Bn by 2024, Revolutionizing Financial Inclusion

Let’s dive in!

🏖️ Dubai and Abu Dhabi Tourism Thrives with $27.2 Billion Investment Goal

📰 What is it about?

• The UAE is investing $27.2 billion in tourism, aiming to boost the sector’s GDP contribution to $122.5 billion by 2031.

• Tourism's GDP contribution is rising from 11.7% ($59.9 billion) in 2023 to 12% ($64.3 billion) in 2024.

• Dubai and Abu Dhabi are seeing increased visitor numbers and hotel revenues.

💡 Why it matters?

• Shows UAE's commitment to becoming a top global tourism destination.

• Highlights economic growth and successful sustainable tourism policies.

• Supports local businesses and enhances economic stability.

🔜 What’s next?

• Continue with the Tourism Strategy 2031 to achieve investment and GDP goals.

• Expand sustainable tourism practices and monitor growth.

• Analyze tourism trends for ongoing strategy adjustments.

📈 Markets

🧑‍💻 Saudi Startup Reachware Gains $3m Funding Boost for Expansion and Innovation

📰 What is it about?

• Reachware, a Saudi SaaS provider focused on automation and system integration, has raised $3 million in Seed funding.

• The investment round was led by Sadu Capital, with contributions from 500 Sanabil Investments and Elm Company.

• Founded in 2021, Reachware provides system integration, process automation, and advanced analytics.

💡 Why it matters?

• The funding will support Reachware’s expansion, new product development, and sales and marketing efforts in the GCC region.

• The investment reflects strong confidence in Reachware's potential to excel in its field.

• The company has already gained over 300 clients and integrated with more than 200 systems, indicating a solid market presence.

🔜 What’s next?

• Utilize the $3 million funding to expand operations and enhance product offerings.

• Increase sales and marketing efforts to grow presence in the GCC region.

• Continue developing automation and system integration solutions to lead in the market.

Quote of the day
“Innovation is not about saying yes to everything. It’s about saying NO to all but the most crucial features.” – Steve Jobs

💵 Saudi Fintech Assets Set to Hit $64Bn by 2024, Revolutionizing Financial Inclusion

📰 What is it about?

• Saudi Arabia’s fintech assets are projected to reach $64 billion by 2024.

• The information was shared by World Bank executive Jean Pesme at the 24th Fintech Conference in Riyadh.

• Growth is driven by advancements in blockchain, AI, and a supportive regulatory framework.

💡 Why it matters?

• Significant increase in fintech assets is revolutionizing the financial sector.

• Enhances financial inclusion and access to financial services.

• Reflects Saudi Arabia’s commitment to becoming a leader in fintech innovation.

🔜 What’s next?

• Continue implementing and refining regulatory frameworks and innovation sandboxes.

• Monitor and support the growth of fintech technologies and services.

• Foster further advancements in blockchain and AI to sustain sector growth.

In other news…

1. Saudi trades in US equities fall to SAR 58.6B in Q2 2024.

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