It Wasn’t Just Credit Suisse. Switzerland Itself Needed Rescuing.
Crisis threatened an economic model and national identity built on safeguarding the world’s wealth
7 min
ZURICH—The chairman of Switzerland’s largest bank received an urgent call last week. On the other end were three top Swiss officials who delivered an ultimatum dressed up as a proposal. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG.
For any country, it would be a financial emergency. For Switzerland, the stakes verged on existential. Its economic model and national identity, cultivated over centuries, were built on safeguarding the world’s wealth. It wasn’t just about a bank. Switzerland itself needed rescuing.
It was Thursday, barely 24 hours into an escalating banking crisis and Credit Suisse was haemorrhaging deposits. The 167-year-old national institution appeared days away from bankruptcy. To keep it alive until the weekend, the central bank was about to quadruple a credit line of more than $50 billion. U.S. and U.K. regulators called their Swiss counterparts to make sure they didn’t let Credit Suisse bring down global markets.
Finance Minister Karin Keller-Sutter, central bank head Thomas Jordan and financial regulator Marlene Amstad had dialled Colm Kelleher, the UBS chairman, to present two options that were really only one: Buy Credit Suisse without a chance to fully understand its vast and complicated balance sheet—or let it fold in a protracted unraveling that UBS’s own executives worried could shatter Switzerland’s credibility as a global banking center.
Over WhatsApp, Swiss diplomats asked each other nervously whether they should move their deposits from Credit Suisse.
After a series of frantic calls and government-orchestrated meetings in Bern, UBS agreed to swallow Credit Suisse for $3.2 billion. To seal the deal, the government, which had vowed after the 2008 crisis never again to use public money to save a bank, hastily used emergency laws to do exactly that.
“Credit Suisse is not only a Swiss company. It is part of the Swiss identity,” said Thierry Burkart, head of the right-wing Liberals party, the country’s third largest. “The bankruptcy of a global Swiss bank would have had an immediate effect everywhere. There would be long and hard reputational damage for Switzerland,” he said.
The swift demise of Switzerland’s second-largest lender has rattled financial markets, and added a global dimension to a banking crisis that broke out on the West coast of the U.S. with the failure of Silicon Valley Bank.
It is still far from clear whether the Swiss have fully contained the damage. Having two world-class banks was seen as a fail-safe to maintain Switzerland’s position in world markets. The forced marriage has left it with one and has shaken ordinary Swiss people and their faith in the country’s economic and political model.
“If Swiss banking means one huge bank, what if something goes wrong with that?” said Mark Pieth, a former head of the Organization for Economic Cooperation and Development’s bribery division who is now at the Basel Institute on Governance. “Then the entire country and its financial stability is at stake. It’s very un-Swiss.”
The central bank and finance ministry, as well as Finma, the top financial regulator in Switzerland, didn’t comment beyond their previous public statements. Bankers and Swiss officials involved in the talks, as well as Swiss and other Western diplomats, provided details of the rescue.
This Alpine nation has seen itself as a special case in Europe: a neutral broker and soberly governed democracy whose banks offer a discreet safe haven to far-flung investors and the world’s wealthy. Its banking system is five times the size of its gross domestic product and larger than in most economies. UBS combined with Credit Suisse has a balance sheet twice the size of the Swiss economy.
For years, Swiss exceptionalism has been chipped away. After 2008, the U.S. enacted laws requiring Swiss banks to transfer information about American clients to the Internal Revenue Service, a hammer blow to its banking secrecy.
Relations with the European Union, whose biggest powers surround the landlocked Alpine nation, are strained after Switzerland walked away from years long talks to bind it more closely to the trading bloc.
It is struggling to defend its 200-year-old policy of neutrality in the face of Russia’s war with Ukraine. Moscow last year put Switzerland on its “Unfriendly Countries List” after the landlocked nation, pressured by its larger neighbours and the Biden administration, joined European Union sanctions against Vladimir Putin and his closest allies.
By the same token, the country has refused to grant permission for Germany, Spain or Denmark to export Swiss military equipment into Ukraine, prompting a debate over whether Switzerland’s attachment to neutrality is damaging its reputation in Europe.
The country—once the indispensable meeting ground where great powers negotiated the end of conflicts—has been sidelined as a mediator in the Ukraine conflict by Turkey. Decades of economic and diplomatic ties to Russia have gone cold in Moscow yet become liabilities within the West.
“We have now a dilemma, a big challenge for Switzerland to be recognised as a strategic partner,” said former Swiss President Micheline Calmy-Rey. “For the time being it is not, and we are in shock.”
The U.S. ambassador last week said Switzerland was facing its most serious crisis since World War II. Foreign investors burned by Credit Suisse’s demise are rethinking their willingness to invest.
“Everything here was avoidable. We were told last week that everything was fine,” said Roger Köppel, editor of the weekly magazine Die Weltwoche and member of the right-wing Swiss People’s Party. “Reality is back and is hitting Switzerland very hard.”
Credit Suisse’s founder, Alfred Escher, was an industrial godfather of modern Switzerland. The businessman and politician used the lender to underwrite Switzerland’s rail lines, tunnelling through the Alps to connect the mountain-encircled nation with the rest of Europe.
Stretching back to Nazi gold, Credit Suisse had harboured money for suspect clients alongside an A-list roster of billionaires, sovereign-wealth funds and families. In a 2014 settlement with the U.S. Justice Department, the bank paid $2.6 billion and admitted its bankers had hand delivered cash and destroyed documents to help Americans hide untaxed wealth.
A banker in London took bribes to make loans in Mozambique. Another forged client signatures and lost them hundreds of millions of dollars. More recently, in 2021, Credit Suisse lost more than $5 billion when family office Archegos Capital Management collapsed, marking the start of its tumble into UBS.
Through the scandals, Swiss banks, and even Credit Suisse, still retained their image as fortresses for the rich.
The latest Credit Suisse management team included several who joined from UBS, including Chairman Axel Lehmann and Chief Executive Ulrich Körner. They made fresh pledges to clean up and saw returning Credit Suisse to health as a form of national service, people familiar with their thinking said.
Even after raising $4 billion capital late last year for a deeper restructuring, Credit Suisse traded at just 20% of its book value. Customers pulled $120 billion from the bank last fall during an internet frenzy over the bank’s health.
Not far from Credit Suisse in central Zurich, executives at UBS prepared just in case they were called on to help. For years, UBS executives and management consultants had mapped out scenarios and what UBS would require from the government, as a precaution.
UBS owed the government. It had been Switzerland’s problem child before.
The result of a merger in the late 1990s between Swiss Bank Corp. and Union Bank of Switzerland, UBS grew rapidly in the banking boom of the 2000s, opening a trading floor bigger than a football field in Stamford, Conn. It needed a Swiss government bailout in the 2008 financial crisis for losses on toxic securities. Chastened, it pulled back from trading and focused on managing wealth.
The Credit Suisse chairman and CEO had feared the call from Swiss authorities.
The bank’s stock had gone into free fall after the chairman of the bank’s biggest investor, Saudi National Bank, speaking in a television interview at a finance conference in Riyadh, said it wouldn’t invest more in Credit Suisse: “Absolutely not,” he said, citing rules on bank ownership, since Saudi National Bank already owned 9.9%.
What the market heard was that Credit Suisse’s largest shareholder wouldn’t back it. Mr. Lehmann, at the same Riyadh conference, rushed back to Zurich. Credit Suisse appealed to the Swiss National Bank and Finma to calm the markets with a message of support.
That Wednesday night, Credit Suisse received a more-than $50 billion liquidity line from the central bank, and the regulators said it met Swiss capital and liquidity requirements.
Credit Suisse customers kept pulling deposits Thursday. Authorities moved to make more than $150 billion in additional liquidity available to the bank, Ms. Keller-Sutter, the finance minister, said. The government didn’t disclose the move, hoping to keep Credit Suisse alive until the weekend, when a permanent solution could be found.
Stung by having to rescue UBS before, Swiss authorities had a plan to handle big banks if they fell under stress. To avoid tapping taxpayer money, the country’s financial regulator would swiftly impose losses as needed on shareholders and bondholders.
That solution was discarded for Credit Suisse, as authorities feared it would cause panic among bank investors around the world, Mr. Jordan, the central bank governor, said Sunday.
UBS Chairman Colm Kelleher got his call Thursday from the Swiss officials, a tripartite representing Finma, the Swiss National Bank and the finance minister. The message was clear: UBS would take over Credit Suisse, or the latter would go bankrupt, potentially bringing down UBS and other banks in the fallout.
Irish-born Mr. Kelleher joined UBS as chairman in April, after a long career at Morgan Stanley, including as chief financial officer in the 2008 financial crisis. His team swung into action, helped by a blueprint developed under former UBS Chairman Axel Weber on what a combined UBS-Credit Suisse could look like.
The UBS and Credit Suisse chairmen and CEOs had a quick meeting with the finance minister Friday at UBS, where they were told they would sign a deal by Sunday.
Credit Suisse’s large shareholders in the Gulf, including Saudi National Bank, worried they were about to lose their entire investment. They called Swiss officials, including the central bank governor and government ministers, and wrote letters, arguing that their rights were at risk of being trampled on, and that they might be able to come up with a better deal.
On Saturday evening, Mr. Kelleher took a break from dinner to call Mr. Lehmann with a $1 billion offer. It was less than Saudi National Bank’s investment for one-tenth of the bank in November, a deal Mr. Lehmann brokered.
On the Credit Suisse side, executives fretted whether they could get a deal through their shareholders. A quarter of the shares were held by a trio of Gulf investors. The government had a solution. It passed a law that allowed a deal to pass without a shareholder vote. A government official read out the new law to Credit Suisse executives, without giving them it in writing, according to people familiar with the matter.
Sunday morning, the Gulf shareholders Qatar Investment Authority and Olayan Group, and the Saudi Public Investment Fund, part-owner of Saudi National Bank, made a last-ditch proposal to Credit Suisse’s board. They would inject around $5 billion, keep the stable Swiss bank and sell off other parts over time.
Mr. Lehmann put a call into the Swiss finance minister. UBS is the only option, he was told, and the line went dead.
Swiss officials from the get-go would only consider a Swiss option to save Credit Suisse, people familiar with the matter said. They shot-down an informal approach from U.S. asset management giant BlackRock, Inc. to get involved, these people said.
Credit Suisse’s board dug in its heels on the low price. With the announcement hours away, Swiss officials told UBS to try harder.
Late Sunday afternoon, UBS agreed to lift its offer and pay a little over $3 billion—less than half Credit Suisse’s market value on Friday. Crucially, Swiss regulators would write off $17 billion on the riskiest type of Credit Suisse bonds. The market for these bonds, commonly issued by European banks, was severely hit Monday. UBS would also get a more than $200 billion liquidity line from the central bank, and a government guarantee of over $9 billion against some potential losses.
To get the deal done, the government waived antitrust laws on the grounds that financial stability was at stake.
“Any other solution would really have triggered a financial crisis,” said Ms. Keller-Sutter, the finance minister.
At a Sunday news conference announcing the deal, Mr. Kelleher said UBS buying Credit Suisse was in the best interest of Switzerland.
—Ben Dummett, Julie Steinberg and Summer Said contributed to this article.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The campaign builds on last year’s successful partnership between the two entities
2 min
Hilton and the Saudi Tourism Authority (STA) have partnered to showcase the diverse travel experiences tourists can enjoy in Saudi Arabia through an engaging creative content campaign.
In a first-of-its-kind collaboration, short films and photos have been creatively produced to promote Riyadh, Jeddah, Al Ula, Makkah and Madinah. These captivating visuals transport viewers to discover the country’s distinctive destinations. The campaign builds on last year’s successful partnership between the two entities, in which they created engaging seasonal content for viewers, and is now being rolled out internationally, including across the Middle East, South Africa, UK, Germany, Italy, France, Malaysia, and Indonesia.
The announcement also follows the signing of a memorandum of understanding (MoU) between Hilton and STA in 2023 to explore cooperation opportunities to promote Saudi Arabia and attract visitors to the Kingdom, in line with Vision 2030. It also comes as Hilton continues its plans to more than quadruple its presence with over 70 hotels under development – adding more than 18,000 keys to its growing portfolio, introducing more of its award-winning brands, and creating over 15,000 jobs for hospitality professionals across the Kingdom– with more than half of new hires being Saudi nationals.
The content, which can be viewed here, serves as a window that immerses visitors in Saudi experiences before their arrival. It brings to life the Kingdom’s must-visit hotspots and dives into the heart of its welcoming cities. From the spiritual significance of its holy cities, and highlighting the historical treasures of Diriyah, to reveling in the beauty of ancient oases and the stunning topography of the country.
It invites visitors to experience the very best of Saudi Arabia with Hilton, highlighting the global hospitality company’s hotels across the country including Waldorf Astoria Jeddah – Qasr Al Sharq, Hilton Riyadh Hotel & Residences and Conrad Makkah, and demonstrating the exceptional hospitality and comfort that Hilton guests can expect.
Hilton currently operates 21 hotels in the Kingdom including the recently opened Hilton Riyadh Olaya and The Hotel Galleria Jeddah, Curio Collection by Hilton. The global hospitality company is committed to expanding its presence in Saudi Arabia with plans to grow its footprint to exceed 100 hotels in the coming years. Its development pipeline includes the recently signed agreement with Dan Company, a Public Investment Fund company, to open three resorts at farm-based tourism destination Al Ahsa, as well as with Rua Al Madinah Holding to open three properties at Rua Al Madinah, and with Taiba Investments to launch the first Waldorf Astoria in Madinah.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This exciting launch also coincided with the opening of Al Hashar Automotive’s newest Nissan showroom in Al Azaiba, Al Maaridh Street
3 min
Unveiling a bold new chapter for the brand in the Middle East, the recently launched all-new Nissan Patrol has solidified its position as a design benchmark for the region and beyond. As the first of five all-new SUVs to be introduced in the region by Fiscal Year 2026 under The Arc, Nissan’s global business plan, the Patrol exemplifies Nissan’s bold approach to design innovation, seamlessly blending its legendary legacy of over 70 years with modern sophistication.
This exciting launch also coincided with the opening of Al Hashar Automotive’s newest Nissan showroom in Al Azaiba, Al Maaridh Street, on 9 December 2024, further strengthening Nissan’s presence in Oman. Its strategic location in the heart of Muscat’s bustling automotive hub offers customers a state-of-the-art facility where they can experience the latest Nissan vehicles, including the all-new Patrol, firsthand.
Moreover, the new showroom serves to reinforce Al Hashar Automotive’s, the authorized official distributor of Nissan and INFINITI vehicles in Oman, commitment to providing exceptional access to Nissan’s latest innovations and bringing Nissan’s flagship models to the Sultanate, of which the unveiling of the all-new Patrol is the only very first of many to come.
More than an evolution, the all-new Patrol introduces a new era of SUV design for Nissan, with a distinctive silhouette that balances rugged capability with premium refinement. Bringing together timeless heritage and cutting-edge aesthetics, the all-new Patrol embodies the perfect balance of Nissan’s global design philosophy of “Bold Presence” and “Solid Dignity.”
Inspired by extensive research across key global regions, including the Middle East, Nissan’s designers created the all-new Patrol to express a dynamic duality. With bold, sculpted lines and balanced proportions, the Patrol exudes a powerful stance while refined details elevate its premium appeal.
Thierry Sabbagh, Divisional Vice President, President – Middle East, KSA, CIS – Nissan, INFINITI, commented: “The all-new Nissan Patrol is a bold statement of Nissan’s refreshed design language and an embodiment of our vision for SUVs in the Middle East. For generations, the Patrol has been an integral part of the region; and with this latest model, we’ve drawn inspiration from its iconic design to create a vehicle that upholds its legendary status. A pioneer of Nissan design language, the all-new Patrol reflects our unwavering commitment to meeting the needs of our customers while setting a new standard for premium SUV.”
Upfront, the Patrol proudly displays its “Bold Presence” design philosophy, now enhanced by a wider, more pronounced V-motion grille that pays homage to the second-generation Patrol with its integrated horizontal bar. This commanding feature is paired with sharply sculpted lines and modern lighting elements, including the distinctive new “double-C” lamp design, which together forge a futuristic yet unmistakably Patrol exterior. The full-width rear light bar further accentuates this evolution, maintaining the vehicle’s sense of power and prestige.
The side profile of the Patrol is marked by a gently sloping shoulder line that stretches from front to rear, projecting a blend of prestige and agility. This design is accentuated by a rising window line between the C- and D-Pillars, with blacked-out pillars that create a floating roof effect. The iconic Patrol emblem adorns the D-Pillar, enhancing the vehicle’s identity. Stylish 22-inch alloy wheels underline the SUV’s bold stance, while sleek LED accents modernize the overall design, achieving the perfect balance of aesthetics and functionality.
Inside, the Patrol’s premium cabin offers a glimpse into Nissan’s commitment to “Solid Dignity”. Emphasizing craftsmanship and user-centric innovation, twin displays dominate the console, while soft materials and carefully integrated components maintain an elegant, clean design. In keeping with the Japanese concept of Ma (Mastery of Space), each seating row is crafted with equal attention to detail.
Enhanced roominess and the premium quilted leather with precise stitching inspired by traditional Kumiko patterns offer passengers a premium experience. Meanwhile, unique touches, including the “Since 1951” badge on the center console, honor the Patrol’s enduring legacy.
Practicality meets elegance in every detail, from Damping Acoustic glass that ensures a tranquil cabin to a wireless phone charging mat textured to resemble sand dunes, echoing the Patrol’s natural setting. With increased cargo capacity and thoughtfully engineered seating, including first and second-row seats equipped with NASA-inspired spinal support technology, the all-new Patrol is designed to elevate every journey, whether within city limits or beyond.
The all-new Nissan Patrol, with its unmatched combination of powerful design and premium comfort, is an SUV built to inspire and empower drivers across the region. It offers an array of seven striking exterior colors, each developed to enhance its dynamic appearance. The addition of four vibrant two-tone options to the exterior color palette offers increased personalization, enabling drivers to express their unique style while evoking a sense of authority and elegance.
Now available in Oman through Al Hashar Automotive, the all-new Patrol has already begun to captivate the local market. With the new showroom in Al Azaiba, customers in Oman can experience the Patrol firsthand in a premium environment that reflects Nissan’s commitment to innovation and customer satisfaction.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The partnership will focus on three key verticals, with the streamlining of flight bookings through digital platforms at the forefront.
2 min
Almosafer (part of Seera Group), Saudi Arabia’s leading travel company, has announced its partnership with Tasheer, the Saudi Visa and Travel Solutions Company, at the Hajj Conference and Exhibition 2025 in Jeddah. The two companies will collaborate on various initiatives to enhance the travel booking experience for travelers visiting the Kingdom.
As the official travel partner, Almosafer will provide comprehensive travel solutions to Tasheer’s customers, ensuring a seamless and convenient booking experience. The agreement, signed at the Hajj Conference & Exhibition in Jeddah, expands on both parties’ ongoing collaborations, which currently serve pilgrims, to offer a seamless travel experience for all visitors utilizing Almosafer’s diverse offerings.
The partnership will focus on three key verticals, with the streamlining of flight bookings through digital platforms at the forefront. Hajj & Umrah packages and leisure travel bookings will also play an important role, whilst Almosafer and Tasheer will further collaborate on travel management solutions.
Muzzammil Ahussain, CEO of Almosafer, said; “We are proud to partner with Tasheer to expand our collaboration by leveraging Almosafer’s strengths as a holistic travel platform. With our market leadership, advanced technological innovations, and seamless travel solutions across booking channels, we aim to deliver exceptional experiences to travelers visiting the Kingdom. This partnership aligns with the broader goals of Saudi Vision 2030, supporting the national agenda to welcome more visitors and enhance their journeys to Saudi Arabia.”
Eng. Fahad Al-Amoud, CEO of Tasheer, commented on the partnership, saying:
We at Tasheer take pride in providing innovative and reliable services to visitors coming to the Kingdom of Saudi Arabia across various segments. Our partnership with Almosafer will support the delivery of value-added services, enabling visitors to benefit from Almosafer’s extensive expertise in the travel sector, innovative booking solutions, and comprehensive services. Together, we aim to support Saudi Arabia’s Vision 2030 by creating a seamless and unforgettable travel experience for travelers from around the world.
The partnership between Almosafer and Tasheer aims to enhance visitors’ experience by providing seamless access to authorized and reliable service providers. Moving forward, both parties plan to expand this collaboration to include business travel solutions, destination management services through Discover Saudi, and other offerings that leverage Almosafer’s extensive local expertise. This strategic expansion will enable both organizations to cater to a broader range of travelers and provide comprehensive support for their journeys to the Kingdom.
Almosafer will leverage decades of experience, knowledge, and excellence in the travel industry to deliver comprehensive and seamless travel packages, ensuring a memorable and hassle-free experience for visitors to Saudi Arabia.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Eand, the global technology and investment group headquartered in the UAE, came in the third place.
2 min
The highly anticipated Best Places to Work World Rankings for 2024 have been revealed, showcasing 30 leading organizations from various industries and regions that have demonstrated excellence in creating outstanding workplaces for their employees.
At the top of the list, AstraZeneca claims the #1 position, recognized for its strong commitment to employee engagement, innovation, and fostering an inclusive workplace culture. Joining AstraZeneca in the global top ranks are:
·#2 AIA – a leading pan-Asian life insurance company committed to helping millions live healthier, longer, and better lives. The company is praised for its comprehensive employee well-being programs and a culture that supports personal and professional growth.
·#3 Eand – a global technology and investment group headquartered in the UAE, known for its innovative HR practices and unwavering focus on employee empowerment, fostering a forward-thinking and inclusive workplace.
·#4 Novo Nordisk –A global healthcare company with over 95 years of innovation and leadership in diabetes care. Novo Nordisk is recognized for its strong commitment to promoting inclusion, diversity, and employee well-being in the workplace.
·#5 MSD – is a leading global biopharmaceutical company. It is renowned for cultivating a collaborative, purpose-driven work environment that empowers employees to make a meaningful impact in healthcare
This year’s rankings highlight how leading organizations are addressing the evolving needs of their workforce by embracing innovation, promoting inclusion, and prioritizing employee well-being. These companies serve as benchmarks for excellence, inspiring other organizations worldwide to invest in their people and workplace culture.
The List of the Best Places to Work for 2024:
| 1. AstraZeneca | 16. BAT |
| 2. AIA | 17. Schneider Electric |
| 3. Eand | 18. Viatris |
| 4. Novo Nordisk | 19. NTT Data |
| 5. MSD | 20. Servier |
| 6. Nestlé | 21. Roche |
| 7. Zoetis | 22. JTI |
| 8. Takeda | 23. Pfizer |
| 9. Pluxee | 24. Acino |
| 10. Novartis | 25. Votorantim Cimentos |
| 11. Veolia | 26. HSBC |
| 12. Fifth Avenue Financial | 27. Forvis Mazars CEE |
| 13. Foodpanda | 28. Diversey |
| 14. BSH | 29. ECCBC |
| 15. Concentrix | 30. Konecta |
The Best Places to Work is a global certification program that recognizes organizations with outstanding workplace cultures and practices. Through benchmarking HR strategies and analyzing employee satisfaction, the program helps companies continuously improve while celebrating excellence in employee experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The MBZ-SAT was developed entirely by Emirati engineers at the Mohammed Bin Rashid Space Centre (MBRSC)
3 min
The UAE’s ambitious space program has reached a significant milestone with the successful launch of MBZ-SAT, the region’s most advanced satellite, from Vandenberg Space Force Base in California, USA. Named in honor of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, MBZ-SAT reflects the country’s dedication to innovation, collaboration, and global leadership in space technology.
Announced in 2020 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, MBZ-SAT pays tribute to the contributions of Sheikh Mohamed bin Zayed Al Nahyan to the UAE’s space sector. The satellite’s launch was officially approved in 2023 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, reinforcing the leadership’s commitment to advancing Emirati talent and innovation.
Developed entirely by Emirati engineers at the Mohammed Bin Rashid Space Centre (MBRSC), MBZ-SAT weighs 750 kg and measures 3m x 5m. Its groundbreaking features include:
- Enhanced Precision: Double the accuracy of previous satellites.
- Faster Data Transfer: Four times quicker than existing systems.
- Increased Capacity: A tenfold increase in image generation.
- Real-Time Imaging: Processed images delivered within two hours of capture.
This advanced Earth observation satellite will play a pivotal role in environmental monitoring, disaster management, and infrastructure planning. Equipped with a state-of-the-art electric jet propulsion system and precise navigation technology, MBZ-SAT sets a new benchmark in satellite innovation.
Commenting on this launch, Mr. Talal Humaid Belhoul Al Falasi, Vice President, MBRSC, said: “We extend our deepest gratitude to our leadership for their unwavering support and vision, which have been instrumental in achieving this milestone”.
“This achievement is more than a testament to our capabilities—it is a signal of what lies ahead for the UAE in the realm of space exploration. Each mission builds on the last, paving the way for groundbreaking advancements and cementing the UAE’s role as a leader in shaping the future of space science and technology.”
Hamad Obaid AlMansoori, Chairman, MBRSC, also commented saying: “Under the guidance of our leadership, we have succeeded in launching MBZ-SAT. This historic accomplishment demonstrates the UAE’s advancement in space technology and reinforces our position as a global leader. The achievement also showcases the collective expertise of Emiratis dedicated to realizing our leadership’s ambitious vision.”
Salem Humaid AlMarri, Director General, MBRSC, highlighted the importance of this events saying: “The launch of MBZ-SAT represents a pivotal moment in the UAE’s space sector development, showcasing our nation’s exceptional capabilities”.
“Beyond its technical significance, this satellite serves as a catalyst for innovation that advances our vision of contributing to global progress.”
Amer AlSayegh AlGhaferi, Project Manager, MBZ-SAT, mentioned that the: “MBZ-SAT is a result of the exceptional collaborative efforts of our Emirati team and local industry partners. This advanced satellite will revolutionize environmental monitoring, infrastructure optimization, and emergency response. It embodies our mission to harness space technologies for social benefit and sustainable development.”
The satellite underscores the UAE’s commitment to building a knowledge-driven economy. Approximately 90% of MBZ-SAT’s mechanical structures and a significant portion of its electronic components were manufactured by UAE-based companies, including Strata, EPI, and Rockford Xellerix.
MBZ-SAT’s successful launch reaffirms the UAE’s position as a global leader in space exploration. As MBRSC Chairman Hamad Obaid AlMansoori stated, “This historic accomplishment reflects our leadership’s strategic vision and advances the UAE’s standing in the international space arena.”
This achievement not only strengthens the UAE’s capabilities in satellite technology but also paves the way for future missions, enhancing the nation’s role in shaping the future of space science and technology.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Statista has forecasted that technology services revenues in the UAE will climb by $3.8 billion in 2025.
< 1 min
The UAE’s technology sector is on track to achieve record growth in 2025, fueled by its commitment to digital innovation and adoption of advanced technologies. This progress cements the nation’s position as a global innovation leader and an attractive destination for tech enterprises worldwide.
By fostering a robust, innovation-driven ecosystem, the UAE has become a prime hub for both established and emerging tech companies. This success stems from its sustained investments in digital infrastructure and supportive regulations designed to encourage growth and creativity in the technology space.
Key areas such as artificial intelligence (AI), cloud computing, blockchain, and the Internet of Things are expected to be major contributors to the sector’s expansion. Statista has forecasted that technology services revenues in the UAE will climb by $3.8 billion in 2025, with a steady annual growth rate of 6.24% projected through 2029. By the end of this period, the market is anticipated to reach a valuation of $4.79 billion.
Industry leaders have emphasized the role of the UAE’s advanced infrastructure and business-friendly environment in attracting global technology firms. Harsh Sajnani, Founder and CEO of Kingpin, described the UAE, particularly Abu Dhabi, as a beacon for startups, highlighting its ability to foster innovation and global expansion.
Similarly, Alex Zito, Strategic COO of CapeCade, announced plans to relocate operations to the UAE, citing the nation’s exceptional opportunities and strong government support. Zito noted that Abu Dhabi’s comprehensive ecosystem enables companies to transform regional customers into long-term clients, benefiting both startups and investors.
As the UAE continues its digital transformation journey, its technology sector is set to not only grow but also drive global innovation, reinforcing the country’s role as a powerhouse in the tech world.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This initiative aligns with Changan’s long-term strategy to continually pursue breakthroughs in intelligent digital technologies
2 min
Changan Automobile recently set a new milestone in its efforts to lead innovation and development in emerging industries by signing a partnership agreement with EHang Holdings Ltd. to research and develop flying-car related products. These are expected to include innovative flying cars and electric vertical takeoff and landing (“eVTOL”) aircraft, which are a type of electric vehicle which can take off and land vertically without a runway.
Changan, together with EHang, a leading global Urban Air Mobility (“UAM”) technology platform company, will leverage their respective strengths to develop innovative transportation solutions that can help open new economic development opportunities. For example, in China, it’s forecasted that the low-altitude economy — which refers to activities such as drone delivery which occur in the airspace below 1,000 meters — will be valued at a trillion dollars by 2030.
“In the next five years, Changan will invest over AED 10.07 billion to expedite the development of flying cars,” said Changan Automobile Chairman Zhu Huarong. “Over the next decade, we plan to invest more than AED 50.33 billion to explore comprehensive transportation solutions across land, sea, air and in humanoid robots.”
This initiative aligns with Changan’s long-term strategy to continually pursue breakthroughs in intelligent digital technologies and transform into an “intelligent low-carbon mobility technology company”.
The signing ceremony for Changan Automobile’s collaboration with EHang was part of Changan’s celebrations marking the inauguration of its Global Science and Art Center, an integral part of the company’s Global R&D Center in Chongqing. Changan’s Global Science and Art Center will focus on research in the science, technology, and design fields. Over the next 10 years, the company will invest over AED 15.10 billion to establish a team of over 3,000 experts and talents there to explore forward-looking fields such as artificial intelligence, and information technology, as well as innovations in customer experience and design.
This is part of Changan Automobile’s global R&D network which currently includes 16 technology research and product development centers and 17 technology companies, and a technical R&D team of more than 18,000 people from 31 countries and regions around the world.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This agreement aims to offer training for hospitality students at their hotels across Saudi Arabia.
< 1 min
At the advisory council meeting for the second academic semester of 2024-2025, Aleph Hospitality signed a Memorandum of Understanding with the International Technical Female College in Al-Madinah, Saudi Arabia, to support new generations of Saudi hospitality students.
The advisory council meeting brought together a distinguished group of attendees, including representatives from the Ministry of Education, the Ministry of Tourism, other key government sectors, and prominent private companies. The gathering underscored the shared commitment to advancing workforce development and fostering opportunities in all sectors.
At the conclusion of the meeting, Tariq Dowidar, Vice President Saudi Arabia of Aleph Hospitality, signed a Memorandum of Understanding (MoU) with the International Technical Female College in Al-Madinah, Saudi Arabia. This landmark agreement sets the stage for a robust collaboration aimed at providing Saudi students with hands-on training opportunities at Aleph Hospitality’s hotels across the Kingdom. The MoU also outlines the potential for future employment opportunities, supporting the Kingdom’s goals of workforce localization and economic diversification.
Tariq Dowidar also shared valuable insights and presented suggestions on how to develop localization initiatives within the hospitality sector. In alignment with Saudi Arabia’s Vision 2030 goals, his recommendations focused on equipping Saudi students with the skills, training, and experiences needed to thrive in the growing tourism industry.
“We are honored to collaborate with the International Technical Female College in Al-Madinah to empower the next generation of Saudi hospitality professionals. This partnership reflects our unwavering commitment to nurturing local talent and aligns with the Kingdom’s Vision 2030 goals for workforce development and the growth of the tourism sector,” said Tariq Dowidar.
Aleph Hospitality remains steadfast in its mission to support Saudi talent development, contribute to the Kingdom’s ambitious Vision 2030, and drive the growth of the hospitality and tourism industries.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This milestone confirms the success of the company’s 360-degree strategy built on brand and product innovation and excellence in the luxury super sports car segment.
3 min
With a total of 10,687 cars delivered during 2024, equivalent to an increase of 6% compared to 2023, Automobili Lamborghini scores the best annual result in its history for deliveries to customers. This milestone testifies to the marque’s client loyalty as well as a growing new customer base and confirms the success of the company’s 360-degree strategy built on brand and product innovation and excellence in the luxury super sports car segment.
“2024 was a year of continuous growth for Automobili Lamborghini, in line with the positive trend of the last several years: an accomplishment that reflects the increasingly strong bond we have with our customers and the growing interest in our brand shown by new generations,” remarked Stephan Winkelmann, Chairman and CEO of Automobili Lamborghini. “In a period of transformation, we have introduced models that earned the seal of approval, reflecting our commitment to always pushing boundaries and expectation while focused on sustainable development. The results highlight the success of strategically balancing supply and demand, along with a well-calibrated order portfolio, strengthening the brand’s desirability and the residual value of our products.”
In 2024 all three macro-regions experienced growth compared to previous years, showing a positive and balanced trend that is also reflected in the individual markets in which Automobili Lamborghini operates. The EMEA area led the expansion with a 6% increase and 4,227 cars delivered, followed by the Americas up 7% with 3,712 units. The APAC region registered an increase of 3%, reaching a total of 2,748 cars distributed.
“2024 was an extraordinary year for Automobili Lamborghini, with results that reflect not only the strength of our product portfolio, but also the crucial support of our network of 186 dealers and the brand’s well-established presence in all 56 international markets where we operate,” said Federico Foschini, Chief Marketing and Sales Officer. “Thanks to the strategy adopted, we demonstrated that Automobili Lamborghini is not only a leader in the super sports car segment, but also a touchstone for the future of luxury automobiles.”
Balanced growth was also recorded across the three models in the lineup, with the top place going to the Revuelto, the first super sports V12 hybrid HPEV produced in Sant’Agata Bolognese. Right from its presentation in March 2023, the Revuelto grabbed the attention and interest of customers worldwide. Renowned internationally for its exceptional performance and bold design, the Revuelto has secured a strong order portfolio that extends until the end of 2026.
Alongside the Revuelto, the Huracán also played a pivotal role in the success of 2024. With production of the last cars still in progress with deliveries scheduled throughout 2025, in its five versions of Sterrato, EVO Spyder, Tecnica, STO and STJ, the Huracán is moving toward the end of its production cycle and will pass the baton to its heir, the Temerario. Unveiled in August 2024 during the USA’s Monterey Car Week, the Temerario garnered significant attention thanks to its innovative design and world-class technological features, firmly establishing itself as a genuine “Fuoriclasse”.
The role of the Urus range as a pillar of the Lamborghini lineup has been consolidated thanks to the unveiling of the Urus SE plug-in hybrid version in April 2024 at the Beijing Auto Show. This model, which is set to replace the current Urus S and Performante versions, marks a significant step forward thanks to its mix of distinctive design, cutting-edge technologies, and extraordinary versatility. The Urus SE received an immediate positive response on a global scale, reinforcing Lamborghini’s leadership in the super SUV segment.
2024 was not only a record year but an important turning point for Automobili Lamborghini. Over 18 months the company presented three new models and completed the transition towards an entirely hybrid range, in alignment with its Direzione Cor Tauri strategy, becoming the first super sports car manufacturer in the world to offer a completely electrified portfolio.
These results enable the House of Sant’Agata Bolognese to approach 2025 with its strongest product lineup ever. During 2025 and in the coming years, the company will continue to invest in technology, keeping the focus on innovation as an integral part of the most significant investment campaign in its history, and facing the challenges of the future with the same determination that marked its success in 2024.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This agreement reinforces the strong and growing partnership between them following the successful launch of Fairmont Ramla Serviced Residences last year.
2 min
Accor, the global leader in hospitality, has joined forces with Naif Alrajhi Investment to introduce the first TRIBE and TRIBE Living locations in Saudi Arabia, as part of the King Salman Park project. This collaboration marks a pivotal moment in redefining modern hospitality within the Kingdom.
This initiative, which underscores TRIBE’s global expansion, is closely aligned with Saudi Vision 2030‘s objective of fostering dynamic and vibrant urban spaces. It also builds on the successful partnership between the two entities, highlighted by the Fairmont Ramla Serviced Residences.
TRIBE sets out to transform the hospitality landscape with its modern, stylish, and accessible offerings tailored for a new generation of travelers. The King Salman Park project, spanning 290,000 square meters, will feature a mixed-use development that includes residential units, commercial offices, retail spaces, restaurants, a school, a hotel, and community facilities.
Strategically situated near major attractions and transport links, the project is designed to integrate seamlessly with the park’s natural beauty, ensuring both accessibility and harmony with its surroundings.
The new TRIBE property will offer 250 rooms, complemented by two restaurants, including a rooftop dining experience. Adaptable meeting facilities and a banquet hall will cater to business needs, while wellness-focused amenities such as a state-of-the-art gym and swimming pool ensure an enriching experience for all guests.
TRIBE Living will provide 150 modern apartments, ranging from studios to three-bedroom units, along with shared spaces like a clubhouse. Residents will enjoy access to the hotel’s dining and recreational facilities, creating a vibrant and connected community.
Naif Saleh Alrajhi, Chairman & CEO for Naif Alrajhi Investment, commented on the collaboration, stating, ” As a real estate developer and master lessee of the King Salman Park Package 1, mixed-use project, we are proud to be contributing to the realization of Vision 2030 and development of our nation’s real estate sector. We are delighted to be working with Accor once again, a trusted partner, to introduce new and iconic brands to the local market for the first time. This partnership is a significant step forward in our ongoing commitment to delivering world-class destinations that cater to both local and international audiences.”
“This collaboration is a testament to our commitment to the Saudi market and our alignment with Vision 2030. The introduction of TRIBE and TRIBE Living to Saudi Arabia showcases our focus on design-led, lifestyle experiences that meet the growing demand for modern, accessible hotel offerings in Riyadh. We are excited to continue our strong collaboration with Naif Alrajhi Investment to bring this groundbreaking project to life.” said Duncan O’Rourke, Accor’s Chief Executive Officer, Premium, Midscale & Economy brands for Middle East, Africa and Asia Pacific.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This remarkable achievement underscores the hotel’s dedication to showcasing the warmth of Jordanian hospitality through the epitome of luxury.
2 min
The Ritz-Carlton, Amman proudly announces its ranking as the #1 hotel in the Intent to Recommend (ITRec) survey for the Europe, Middle East and Africa regions, highlighting Jordan’s status as a preferred global destination for luxury travel to new heights. This remarkable achievement underscores the hotel’s dedication to showcasing the warmth of Jordanian hospitality through the epitome of luxury.
Shining a new light on the Kingdom, The Ritz-Carlton, Amman has led the rankings among 27 Ritz-Carlton properties across Europe, the Middle East, and Africa for over 28 consecutive months. Furthermore, it has ranked fifth globally out of 108 Ritz-Carlton locations in 30 countries, underscoring not only the hotel’s excellence but also its role in placing Jordan on the world stage as a premier destination for unparalleled guest experiences.
In response to this remarkable achievement, Mr. Tareq Derbas, General Manager of The Ritz-Carlton, Amman, said, “This recognition is more than a celebration of our hotel; it is a celebration of Jordan’s rich culture and the generosity of its people. Through The Ritz-Carlton, Amman, we are proud to bring Jordan to the forefront of the global luxury hospitality scene, showcasing the Kingdom’s warmth, kindness, and authenticity. Our Ladies and Gentlemen are honored to serve as ambassadors of Jordan, offering guests the very best of our country within the unmatched standards of The Ritz-Carlton.”
Mr. Derbas continued, “Our team’s passion and unwavering commitment to excellence are the true heart of this achievement. Their dedication allows us to not only exceed expectations but also elevate Jordan as a must-visit destination for travelers seeking luxury and authenticity in equal measure.”
It is worth noting that the Intent to Recommend survey is a key metric within the Marriott Group, gauging guest satisfaction across various criteria. The consistent top rankings achieved by The Ritz-Carlton, Amman reflect the tireless efforts of its Ladies and Gentlemen, who take pride in presenting the best of the Kingdom to the world. By combining Jordan’s rich heritage with world-class luxury, The Ritz-Carlton, Amman has become a beacon for travelers seeking unique and transformative experiences, ensuring every guest leaves with memories to treasure.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The announcement comes on the back of HRE’s recent partnership with Dubai Cares to support the education of youngsters in developing countries.
2 min
As part of its vision of ‘building with purpose’ and empowering citizens both in the UAE and internationally, HRE Development – a pioneering Dubai real estate company – has confirmed it is the main sponsorship partner of the ‘Fazza International Championships for People of Determination 2025,’ joining forces with Dubai Land Department (DLD), along with the Dubai Club for People of Determination and the Dubai Sports Council.
The championships, set to commence on 01 February 2025, will be held under the patronage of His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council (DSC) and Chairman of the Higher Committee for the Protection of the Rights of People of Determination in Dubai
This announcement comes on the back of HRE Development’s recent partnership with Dubai Cares, part of Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), whereby it extended a financial contribution of AED 30 million to Dubai Cares’ mission, ensuring that underprivileged children and youth in developing countries gain access to quality education.
As a developer, HRE has set itself a unique mission – Building with Purpose – which aims to give back at every opportunity.
The latest edition of the ‘Fazza International Championships’ features four major sports tournaments, including the 16th Fazza International Para Athletics Grand Prix, with the participation of 1,000 athletes; the first Fazza International Swimming Championship, welcoming 500 athletes; the 16th Fazza International Para-Badminton Championship, featuring 300 athletes; and the ninth Fazza Para Archery World Ranking Tournament, also hosting 300 athletes.
These events aim to create an inclusive competitive environment that brings together athletes from over 70 countries, nurturing values of excellence and inclusivity. Through these championships, which were first launched 16 years ago, Dubai seeks to reinforce its position as a city that is supportive of People of Determination, providing them with all the tools necessary to achieve success and unleash their creativity.
Wissam Breidy, CEO of HRE Real Estate Development, said: “We are honored to be the strategic partner of the Fazza International Championships, reinforcing our mission of purposeful building to leave a positive impact on the community. We are committed to creating spaces that empower individuals, foster inclusivity, and support resilience. By supporting the UAE team for People of Determination, our mission goes beyond constructing structures; it becomes about laying the foundation for dreams, aspirations, and communities where everyone has the opportunity to thrive. This mission aligns with the vision of Dubai, the UAE, and its wise leadership to create a positive impact and build a sustainable and prosperous future for all.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
New region includes 95 retail partners across 41 markets, and represents a third of global sales volume
< 1 min
Bentley Motors announces today the alignment of its business operations in the UK, Europe, Middle East, Africa and India into a combined region, now becoming the EMEA region and biggest for the luxury marque.
It will comprise 95 retail partners in 41 markets and represents approximately a third of Bentley’s sales volume globally.
Leading the new region will be Richard Leopold, Regional Director, who has over 17 years of experience with Bentley Motors and a deep understanding of complex regional markets, having already commanded each market under this new regional structure.
He adds: “I am extremely excited to continue to collaborate closely with our retail partners to drive the growth of our business across the UK, Europe, Middle East, Africa, and India under this new guise. This journey will not only focus on the launch of new models aligned with our Beyond100+ strategy but also emphasize enhancing our network and elevating the customer experience in our biggest single region in the world.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
The 41,792-sq.m center capable of storing approximately 100,000 different parts will also expediate parts delivery times, supporting Ford’s expansion in the Middle East and its growing customer base.
2 min
Ford has officially inaugurated its new state-of-the-art Parts Distribution Center (PDC) in Dubai South. The 41,792-square-meter facility, developed in collaboration with DB Schenker, a global leader in logistics, comes in record time less than a year after its January 2024 groundbreaking, underscoring Ford’s commitment to better serving customers across the Middle East.
By consolidating operations into a single state-of-the-art facility, Ford is streamlining processes, significantly improving operational efficiency, while simultaneously enhancing service efficiency and accuracy. The PDC, which achieves an increase in capacity, will serve countries from the UAE to Saudi Arabia, all the way to Angola, and Ghana.
Reinforcing Ford’s dedication to placing customers at the heart of its operations, the new PDC will also improve parts availability, optimize inventory management, and expedite delivery times.
“With these improvements, we’re confident that the enhanced service levels and reduced wait times will elevate Ford’s customer satisfaction and build trust in our brands and distributors”, said Kay Hart, President of Ford International Markets Group.
Ako Djaf, VP of Contract Logistics and Supply Chain Management of DB Schenker, Middle East and Africa, commented: “At DB Schenker, we take great pride in supporting Ford’s ambitious vision for operational excellence in the Middle East. The new Parts Distribution Center stands as a testament to the power of collaboration and innovation, designed to streamline supply chain processes, enhance customer satisfaction, and contribute to sustainability goals. By leveraging our global expertise and advanced logistics solutions, we are excited to play a pivotal role in Ford’s journey to deliver exceptional service to its customers across the region.”
The new facility equipped with 20 container docks – 10 for inbound and 10 for outbound operations – is capable of storing approximately 100,000 different parts, and features state-of-the-art technology, including drones for site safety through aerial monitoring and inventory management. Utilizing an SAP S/4HANA warehouse management system, the PDC can perform paperless picking through barcode scanning improving accuracy, control, and planning, leading to better stock availability and reduced error margins.
The facility is also designed with a 1.3-meter raised floor to mitigate flooding risks as well as an industry leading fire suppression system ensuring operational safety and minimal risk of operation interruption.
As part of Ford’s regional sustainability goals, the new PDC prioritizes environmentally responsible practices. A 400kW solar panel system, to be installed in the second half of 2025 and supported by the roof structure, is expected to reduce energy costs by 35 percent and decrease the carbon footprint by 290 tons. Additionally, the facility partners with eco-friendly suppliers and scrappers to ensure that all disposals are recycled or treated in accordance with regulations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The partnership leverages Almosafer’s extensive travel services and diverse marketing capabilities to accelerate tourism growth in Madinah while delivering enriching and varied experiences for visitors.
2 min
The Madinah Region Development Authority has announced a strategic partnership with Almosafer, the leading travel company in Saudi Arabia and a subsidiary of Seera Group, to enhance tourism in Madinah. Unveiled during the Saudi Tourism Forum 2025, this collaboration aims to position Madinah as a premier destination for visitors from within the Kingdom and beyond.
The partnership leverages Almosafer’s extensive travel services and diverse marketing capabilities to accelerate tourism growth in Madinah while delivering enriching and varied experiences for visitors. Almosafer’s market expertise and digital solutions will provide a seamless cultural and entertainment experience at competitive prices through its comprehensive portfolio for corporate, governmental, and individual clients. This initiative aligns with efforts to elevate Madinah’s tourism offerings and attract a broader audience locally and internationally.
Commenting on the partnership, Mr Bandar Naqro, General Manager of Strategic and Corporate Communications at the Madinah Region Development Authority, said: “The unique historical and cultural heritage of Madinah makes it one of the most visited cities in the Kingdom, especially with the development of numerous archaeological sites and the activation of diverse tourism destinations. Our partnership with Almosafer will strengthen the city’s offerings and marketing initiatives, contributing to increased visitor numbers and enriched experiences, thereby achieving the objectives of Vision 2030.”
Muzzammil Ahussein, CEO of Almosafer, said: “We are honored to collaborate with Al Madinah Region Development Authority to help evolve and further promote one of the Kingdom’s most culturally rich heritage sites. Almosafer’s on-ground expertise, innovative technological solutions, and extensive reach enable us to offer a bespoke holistic experience for travellers from across the world. We look forward to further positioning Madinah as a wholesome tourist destination that provides an immersive cultural experience that is bound to be an unforgettable core memory for visitors. Saudi Arabia’s rich natural heritage and world-class amenities have made it a global hotspot today, and we are proud to power the ecosystem to drive more traffic to this vibrant destination.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
