22456
Saudi Royal Invests in Private Jets, Smartphone App
World Economy

Saudi Royal Invests in Private Jets, Smartphone App

A Saudi investor has backed JetSmarter, the mobile marketplace that connects wealthy travelers to private jets from their smartphones.
The tech firm said in a statement that it has raised $20 million from a group of investors including a member of the Saudi royal family, world-renowned music and entertainment moguls, and a London-based private equity fund, Arabian Business reported.
This funding will be used to support the company’s expansion plans, technology upgrades and the ultimate goal of empowering more people to fly private, the company said.
JetSmarter said it expects to launch new private jet sharing services, open customer support offices in Europe, Middle East, South America and Asia as well as expand its private jet services around the globe.
“Since JetSmarter’s launch, we’ve established significant and strategic alliances worldwide, enabling thousands of private jet charter transactions and also providing accessibility and convenience of flying private to more than just the 1%,” said founder and CEO Sergey Petrossov.
One of the key investors, Prince Abdullah bin Bandar bin Abdullaziz Al Saud, said: “We are thrilled to be an investor and are committed to JetSmarter’s growth. At the forefront of this new era in travel, we believe that JetSmarter’s proprietary services and offerings have, and will continue to revolutionize the industry.”
Over the last year, the company said it has seen over 1,000% revenue growth, has partnered with established institutions such as Deutsche Bank, and has gained access to over 3,000 aircraft globally to provide more flight options for its users.

Short URL : http://goo.gl/UaNs24

You can also read ...

Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Trending

Googleplus