Mubasher: UAE-based traveltech Tumodo has partnered with Saudi fintech Tabby to accelerate growth in the UAE travel industry, which is projected to reach $1.40 trillion by 2024.

Integrating Tumodo's services into Tabby's business processes will boost the digital transformation of MENA’s travel market, according to a press release.

The UAE plans to double the contribution of the digital economy to its non-oil gross domestic product (GDP) from 11.7% to more than 20% within the next 10 years.

Tumodo's solutions will enable businesses to have control over travel expenses, ensuring transparency and accountability, which will reinforce the UAE as a business hub.

Vladimir Kokorin, Founder of Tumodo, said: “The collaboration with Tabby signifies a major step forward in our mission to digitalize business travel in the UAE and GCC, including the use of AI technologies."

Global business travel market spending increased to $1.03 trillion in 2022 and is expected to cross its pre-pandemic $1.40 trillion in 2024.

Although some companies prefer online meetings, the market is growing rapidly and is projected to reach $1.80 trillion by 2027.

In December 2023, Tabby secured  $700 million in receivables securitisation from J.P. Morgan, which marked the largest asset-backed facility obtained by a fintech company in the MENA region.