To many, the Middle East seems an unlikely locale for flourishing entrepreneurship, but it is increasingly producing startups and engineers changing lives in the MENA region and the world. One of MENA Opportunities' goals is to change such perceptions. “I remember meeting Amr Ramadan, who was pitching his business to me, and I looked down at my iPad and I’d had his app ( WeatherHD ) for six months and used it every day,” recalled Schroeder. Weather HD, now named Clear Day, has since become the largest paid weather app in the world. “I had no idea this guy was in Alexandria, Egypt, and more importantly, I didn’t care — all I cared about was the awesomeness of the app.” In the Middle East, the future is mobile. The Arab world sees a mobile penetration rate of 109%, with Saud Arabia topping out at 187.5%, according to Wamda , a local authority on all things tech. While smart phone penetration is low, Schroeder reports regional mobile executives expect 50...
Abu Dhabi Investment Authority (a.k.a ADIA, one of the biggest investors in the world) has acquired Australia’s largest hotels owner, Tourism Asset Holdings, for $740 million - adding 31 properties to its real estate portfolio. The portfolio is and will continue to be operated by Accor and includes hotel brands such as Pullman, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget. The transaction was valued at about $740 million, the Australian newspaper and the Australian Financial Review newspapers reported.
