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Wego Introduces WegoBeds, a Hotel Bedbank Connecting Middle East Hotels with Wego’s Global Partner Network
DUBAI, UAE, May 8, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa region (MENA), has announced the launch of WegoBeds, a specialized B2B accommodation platform designed to meet the growing demand for accommodation solutions in the region.
WegoBeds bridges the gap between Middle East hotels and Wego’s global partner network and it is also the primary hotel supply source for Wego’s own online travel agency (OTA) and corporate travel businesses.
The GCC hospitality industry is projected to reach USD 37.62 billion by 2028, according to research and market’s GCC hospitality report. Deloitte’s findings indicate Dubai boasts a hotel room capacity exceeding 150,000, while Riyadh has added 28,465 rooms, and Doha has doubled its hotel inventory in the past decade to 39,968 rooms. WegoBeds’ launch coincides with this growth, aiming to distribute these rooms to travel agencies worldwide.
WegoBeds offers a comprehensive solution for B2B accommodation bookings with real-time availability and competitive pricing that leverages Wego’s extensive leadership and expertise in the MENA region. Utilizing state-of-the-art technology, WegoBeds offers dynamic and static rates through channel managers and a dedicated extranet.
The company has recruited a team of experienced hotel contractors across the Middle East region to onboard new hotels to the WegoBeds platform and to then provide advice and support to hoteliers with respect to their global distribution strategy.
“The B2B hotel market is relatively fragmented from a B2B perspective and there is a lot of new supply coming onto the market in the next few years”, said Craig Hewett, Wego Co-Founder and Chief Hotels Officer, “With WegoBeds we see an opportunity to create a one-stop-shop for anybody globally who wants to sell Middle East hotels and who wants a best-in-class technology platform.
WegoBeds offers 24×7 customer support in both English and Arabic to ensure resolution of questions raised or issues faced by our distribution partners or hoteliers.
Travel Buyers can access WegoBeds via our XML connectivity, providing them with access to a wide range of accommodation options across the region. With its strategic focus on MENA and its role as a specialized B2B accommodation platform, WegoBeds is well-positioned to capitalize on these favorable market conditions and drive innovation in the hospitality sector.
For queries relating to partnering with WegoBeds, please log on to https://wegobeds.com
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
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View original content:https://www.prnewswire.co.uk/news-releases/wego-introduces-wegobeds-a-hotel-bedbank-connecting-middle-east-hotels-with-wegos-global-partner-network-302138475.html
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eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
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