Dubai’s Vista Global agrees to buy Uber-style private jet booker

Updated 10 April 2019

Dubai’s Vista Global agrees to buy Uber-style private jet booker

  • Equity swap expected to close by second quarter
  • Vista competes with Warren Buffett's NetJets

LONDON: Dubai-based Vista Global has agreed to buy JetSmarter which allows well-heeled travelers to book private jets on demand.
Vista Global, headquartered at the Dubai International Financial Center and run by the Swiss billionaire Thomas Flohr, is acquiring the US company for an undisclosed sum.
He said: “Customers today want speed, reliability and value, which in today’s world is only possible with technology.”
The acquisition underscores a trend of moving away from private jet ownership globally as more people choose to buy flying hours instead.
The Middle East has traditionally been a strong market for private jet operators with the Dubai Airshow a popular parade ring for planemakers and private jet charter companies.
But a regional economic slowdown, especially in the oil and gas sector, has hurt underlying demand for private jet services.
Founded in 2012, JetSmarter had planned to IPO and was valued at $1.6 billion just three years ago, but has since faced tough trading.
The equity swap deal is expected to complete in the second quarter of 2019 and it means that JetSmarter investors that include Clearlake Capital and Jefferies Financial Group will now become investors in Vista Global.
Vista competes with NetJets, part of Warren Buffett’s Berkshire Hathaway empire.


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 13 min 18 sec ago

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

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Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.