Yamsafer (www.yamsafer.me), a Ramallah-based startup launched in September 2011 by Faris Zaher, Seri Abdelhadi and Sameh Alfar, has secured a $1 million Series A investment led by Sadara Ventures.

Yamsafer enables travelers to book a unique inventory of Middle Eastern hotels online at prices lower than those offered by leading international booking sites. The site also bundles tickets for popular events in the region with hotel deals, making it a one-stop shop for the activity travel enthusiasts. The MENA region has been the world's fastest-growing inbound and outbound travel market for the past 10 years recording 10% in average annual growth rates. Despite exogenous shocks to inbound demand caused by the Arab Spring, a steady rise in the number of intra-regional travelers has created an opportunity for local online travel agencies (OTAs) who provide quality Arabic content and effectively acquire local customers.

"We are thrilled to have found in Sadara a venture fund that shares our vision and that is capable of adding significant value to the Company," said Faris Zaher, Yamsafer's co-Founder and CEO. "With this round of investment we plan to scale our technology and migrate it to mobile platforms, expand customer acquisition efforts and strengthen ties with hoteliers to increase occupancy rates and make regional travel even more affordable," he said.

Saed Nashef, Founding Partner of Sadara Ventures, said: "The online travel market in MENA is a significant growth opportunity, and we believe Yamsafer has all the right ingredients to become a leading player in this space. We're happy to close this round of financing, and look forward to working closely with the Yamsafer team to create real value for travellers in the region."

Yamsafer is the first Palestinian company to secure an early-stage venture capital investment. In recent years, there has been increased hope that the highly aid-dependent Palestinian economy can be invigorated by means of a competitive ICT sector. Many local Internet entrepreneurs have set their sights on succeeding in regional and global markets through the export of proprietary content and services.