🇸🇦 Saudi Arabia's Summer 2024 Tourism Plan⛱️

Marhaba folks! 🌞 In today's edition, we discuss Dubai's Shard platform offering luxury property co-ownership from $54,000, Saudi Arabia unveiling its Summer 2024 Tourism plans, UAE's Mubadala investing up to $250 million in Turkish startup Getir amid restructuring. Yalla, let’s go 🏃🏻‍♀️

🏡 Dubai's Shard platform lets investors co-own luxury property from $54,000

What is it about:

• Shard is a new property investment platform in Dubai that allows up to eight investors to co-own a single luxury property.

• Contributions start at AED 200,000 (approximately $54,000).

• Each investor's name is included on the title deed, and they can stay in the property for at least 44 days annually.

• The platform aims to make high-value properties more accessible by lowering individual financial commitments.

Why does it matter:

• Shard's model democratizes access to luxury real estate, allowing more people to invest in high-end properties with a lower financial barrier.

• It streamlines the process of buying, managing, and reselling properties, providing convenience and security for investors.

  Supported by Dubai's legal framework and incentives like Golden Visas, Shard presents an attractive investment opportunity amid the city's real estate growth.

• CEO István Juhász emphasizes the combination of personal investment benefits with the convenience of managed property ownership.

What is next:

• Potential expansion to include a broader range of property types and investment levels.

📈 Markets

🇸🇦 Saudi Arabia Launches Summer 2024 Tourism Plan with Visa Support, Free Flights and Tax-Free Shopping

What is it about:

• Saudi Arabia introduces its Summer 2024 Tourism Plan featuring visa support, free family airline tickets, major events, and tax-free shopping.

• The program spans four months until September, covering seven destinations with over 550 tourism products and 150+ special offers.

• The launch event included notable figures like the World Tourism Organization Secretary-General and 250+ strategic partners.

• The seven destinations are Aseer, Al Baha, Taif, Red Sea, Jeddah, Riyadh, and AlUla.

• Includes Jeddah Season, the debut of Aseer Season, the Esports World Cup in Riyadh, and boxing tournaments in Riyadh and Jeddah.

• Multiple-entry visas for GCC residents and the expansion of the hospitality sector with 25,000 new hotel rooms are expected.

Why does it matter:

• Aims to boost tourism and showcase Saudi Arabia's diverse destinations and culture.

• Supports economic growth through increased tourism and hospitality expansion.

• Enhances Saudi Arabia's global image and attractiveness as a travel destination.

• Encourages regional tourism with benefits like multiple-entry visas for GCC residents.

• Promotes family-friendly and adventure tourism, catering to a wide range of visitors.

What is next:

• Implementation and promotion of the Summer 2024 Tourism Plan.

• Hosting of key events like the Esports World Cup and boxing tournaments.

• Ongoing development of the hospitality sector with the addition of new hotel rooms.

Quote of the day

“You miss 100% of the shots you don’t take." - Wayne Gretzky

🛍️ UAE's Mubadala to Inject Up to $250M into Turkish Startup Getir Amid Restructuring

What is it about:

• Mubadala, a UAE-based investment firm, will invest up to $250 million in Getir, a Turkish last-mile delivery startup.

• Getir is restructuring by splitting its operations into two entities and closing its UK and European operations.

• One entity, majority-owned by Mubadala and led by Batuhan Gultakan, will focus on food and grocery delivery in Turkey.

• The second entity, led by Getir's founder Nazim Salur, will manage other assets, including ride-hailing services.

Why does it matter:

• This investment signifies confidence in Getir's core Turkish market amidst challenges in its international operations.

• The restructuring aims to streamline operations and enhance focus on the Turkish market, which could stabilize and potentially grow the business.

• The move highlights strategic shifts in the startup ecosystem where companies refocus on profitable markets and divest from less successful regions.

• Mubadala's involvement and significant capital infusion reflect its strategic interest in the tech and logistics sectors.

What is next:

• The disbursement of the remaining investment funds will depend on Getir meeting specified targets, including board changes and management reshuffling.

🎥 The latest from the Smashi Business Studio

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