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PIF eyes $400m investment in Saudi travel giant Almosafer
- Public Investment Fund could acquire 30 percent stake
- Term sheet values Almosafer at SR3.7 billion, or $986 million
- Tourism group has reported record growth in second quarter
Saudi travel giant Seera Group Holding announced the signing of a non-binding term sheet with the Public Investment Fund on Tuesday, for a possible investment in one of its subsidiaries.
The term sheet, cited in a filing on the Saudi Tadawul, proposes an investment by the PIF – the kingdom’s $620 billion sovereign wealth fund – in Almosafer Travel and Tourism Company, which recorded the highest levels of consumer travel bookings in its history in June.
According to the filing, PIF is seeking a 30 percent shareholding in Almosafer for a total consideration of up to SR1.5 billion ($400 million) to be paid to the travel company for new shares.
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The investment amount is based on a preliminary pre-money enterprise value of Almosafer and its subsidiaries of SR3.7 billion.
Any deal would include a SR386 million earn-out amount conditional on Almosafer achieving certain pre-agreed key performance indicators in 2023 and 2024.
As part of the reorganisation, Seera’s destination management company, Discover Saudi, and its Hajj and Umrah business-to-business operator Mawasim, would fall under the umbrella of Almosafer.
Seera said the signing of the term sheet was a “strategic milestone” in its transformation plan, unveiled in 2017, to strengthen the group’s businesses and enhance long-term value for shareholders.
If the deal goes ahead, Almosafer aims to use the capital to scale its inbound, outbound, religious and domestic tourism operations. It said it would also “strengthen its credentials as a national champion of travel and tourism services in Saudi Arabia”.
The transaction is subject to obtaining regulatory and any other approvals as may be required by the parties, the filing added.
Extra capacity needed for international tourists
Rabia Yasmeen, senior research consultant at Euromonitor International, told AGBI: “For Saudi Arabia’s Public Investment Fund, tourism is not only a sector to unlock economic growth, but also a springboard to connect with the global audience.
“With the number of new tourism offerings, ranging from cultural experiences at Al Ula to sports and entertainment, the country aims to unlock a new stream of international tourists.
“This also increases the need for additional capacity to host them.”
Seera Group reported strong growth in demand for services across inbound, outbound and domestic tourism during the second quarter of 2022.
Its gross booking value rose to SR2.5 billion in Q2, an increase of 108 percent compared to Q2 2021. During the first six months of 2022, Seera’s GBV was SR4.1 billion, an increase of 105 percent compared to the same period in 2021.
Almosafer reported a 89 percent growth in GBV to SR1.7 billion in Q2. Its consumer travel division achieved its highest quarterly GBV of SR1.1 billion, an increase of 175 percent compared to Q2 2021.
In June, Almosafer’s GBV was over SR500 million, exceeding pre-pandemic levels by 27 percent to record the highest levels of consumer travel bookings in its history. Almosafer’s consumer travel segment is on track to achieve SR4 billion GBV by the end of 2022.
The company said its results reflected strong demand for both international and domestic travel, with bookings for London and Paris this summer exceeding the pre-pandemic levels in 2019.
This was driven by the introduction of the electronic visa waiver for Saudi nationals in the UK and the lifting of pandemic restrictions in France.
Almosafer Business, the group’s corporate and government travel management unit, reported a 27 percent growth in GBV to SR600 million in Q2.
Majed Alnefaie, CEO at Seera Group, said: “We reported a very positive summer booking season and the demand for travel remains strong led by the Saudi leadership’s focus on promoting the tourism sector as a key contributor to the economy.”
The kingdom has set a target for tourism to contribute 10 percent of GDP by 2030. It ranked 33rd out of 117 countries in the World Economic Forum’s annual Travel & Tourism Development Index, published in May.
Yasmeen said: “Saudi Arabia has traditionally been a leading religious destination for Muslim tourists and pilgrims.
“However, as the country opens up and embraces social reforms, it is attracting interest from tourists globally. They are particularly intrigued to experience Saudi culture and understand its heritage.”
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Almosafer Company for Travel and Tourism
Country: Saudi Arabia
Website: https://www.almosafer.com
Almosafer (part of Seera Group) Saudi Arabia’s Leading Travel Company Elevating the journey for travellers from Saudi Arabia, the region & beyond, while harnessing Seera Group’s 40+ years of expertise, Almosafer supports Saudi Arabia’s vision as a national champion for tourism. Almosafer creates opportunities for outbound, leisure and religious travel, whilst serving B2C and B2B customers, partners, and suppliers with state-of-the-art travel solutions, a digital-first mindset and travel advisory. Through powerful and world-class technology platforms, central sourcing and fulfillment capabilities and data-driven decision-making, Almosafer elevates travel experiences through multiple businesses operating under the Almosafer umbrella: Almosafer, the Middle East’s leading travel brand, offers consumers seamless user experiences for domestic and international travel bookings through its omni-channel offerings. As a dedicated service solution, Almosafer Concierge addresses the needs of VIP and high-end clients through bespoke services.Almosafer Business, a dedicated service solution, caters to corporate & government entities. Discover Saudi is the Kingdom’s leading Destination Management Company, specialising in inbound travel, online distribution and MICE solutions. Mawasim is a Hajj & Umrah tour operator, offering high-quality end-to-end travel arrangements and simplified sourcing for external agents in key international source markets.
Saudi Sovereign Wealth Fund to Pick 30 Percent Stake in Almosafer
Peden Doma Bhutia , Skift
September 16th, 2022 at 6:56 AM EDT
Saudi Arabia’s Public Investment Fund has proposed to acquire a 30 percent stake in Riyadh-based travel firm Almosafer — a subsidiary of Seera Group — for $412 million.
As part of the pact, Seera’s destination management company — Discover Saudi and its Hajj and Umrah travel operator — Mawasim will fall under Almosafer.
The Seera Group, in a statement to the Saudi Stock Exchange where it is listed, stated that the capital infusion would be used to scale its inbound, outbound, religious and domestic tourism operations.
The company said this would help to strengthen its credentials as a “national champion of travel and tourism services in Saudi Arabia.”
Almosafer recorded the best quarter in its history for consumer travel bookings for the quarter ending June 30, 2022 exceeding pre-pandemic levels in June 2019 by 27 percent.
The travel company reported a 89 percent growth in gross booking value to $346 million in the second quarter, up from $240 million in the second quarter of 2021. Almosafer’s consumer travel unit achieved its highest ever quarterly gross booking value registering an increase of 175 percent compared to the same period last year.
The company had mentioned in its earnings that Almosafer’s consumer travel segment is on track to achieve $1 billion gross booking value by the end of 2022.
The Public Investment Fund plays a pivotal role in realizing Vision 2030 , Saudi Arabia’s economic transformation program, as it strategises to diversify the national economy and reduce the reliance on oil.
As it seeks to diversify is portfolio, the Public Investment Fund, which manages around $620 billion in assets, had earlier invested $464 million in Google’s parent company Alphabet, around $474 million in Microsoft, $507 million in Zoom and $373 million in Booking Holdings.
Last month, the sovereign wealth fund along with the London-based Cain International announced an investment of $900 million in the Swiss hospitality brand — Aman Group.
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Seera Group Holding announces that Al Mosafer Travel and Tourism Company (one of its subsidiaries) has signed a contract with Klook Travel Technology Company to establish a joint company for the purpose of developing a joint venture
- 17 Feb 2022
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Seera group holding announces its annual financial results for the period ending on 2023-12-31, seera group holding announces the latest developments regarding careem inc's agreement with uber technologies inc to acquire careem's assets for $3.1 billion.
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Almosafer and Klook launch Almosafer Activities platform under joint venture
Almosafer Activities is a B2B one-stop digital marketplace for activities, tours and more.
RIYADH, SAUDI ARABIA – Almosafer , Saudi Arabia’s leading travel company (part of Seera Group), and Klook , Asia’s leading travel and experiences platform, have together launched the first ever holistic tours and activities platform for the KSA market, Almosafer Activities .
The launch follows the signing of an agreement between the two travel industry powerhouses in early 2022 to establish the joint venture with the purpose of creating a holistic B2B marketplace for activities in the Kingdom, addressing a gap in the market which has thus far largely seen fragmented options for bookable ‘things to do’.
Almosafer Activities is a one-stop digital platform with end-to-end content and inventory management solutions that supports tourism and leisure activity merchants in Saudi Arabia, as well as distributors across the globe, to provide an unprecedented choice of product offering for travellers to, from, and within the Kingdom.
The platform, which will go live for distributors in Q3 2023, will leverage Klook’s position as a leading global distributor of experiences and services and enable domestic and international tourists to book activities with ease. Almosafer Activities will provide seamless booking experiences, connecting Saudi Arabia travellers to global platforms, starting with Klook. The launch of Almosafer Activities supports the tourism agenda of Saudi Vision 2030 by boosting inbound and domestic tourism. The platform will also support small and medium-sized merchants by providing them with a platform and exposure to more distribution channels.
Fahd Hamidaddin , CEO and Member of the Board at Saudi Tourism Authority, said: “Saudi is setting the pace for global tourism development. We are currently undergoing a remarkable transformation and experiencing unprecedented growth, positioning ourselves as the world’s largest investor in tourism – this presents an exciting opportunity for both our existing and new partners.
“The launch of Almosafer Activities represents another significant stride towards establishing world-class standards for travellers and empowering the tourism ecosystem in alignment with the goals of Vision 2030. Through this cutting-edge digital platform, Almosafer Activities will offer seamless and hassle-free access to a wide range of activities and unique experiences, catering to every type of traveller. It is our aim to inspire visitors from around the world to explore the authentic essence of Arabia, our cherished home.”
Muzzammil Ahussain , CEO of Almosafer, said: “We are excited to be launching Almosafer Activities with Klook. Our new platform serves as a reliable marketplace for activities, tours, events, attractions and experiences, while providing a wealth of opportunities for merchants and distributors. Almosafer Activities will empower the travel and tourism ecosystem as a whole whilst further supporting the Kingdom’s strategy to continuously enhance the domestic tourism offering and increase its inbound tourism footprint.”
C.S. Soong , VP, Corporate Development of Klook, said: “The launch of Almosafer Activities represents a significant leap forward for the industry, playing an integral role in propelling Saudi Arabia towards Vision 2030. Leveraging Klook’s technological strengths and innovative merchant solutions, this new platform seamlessly connects the experiences sector and drives the digital transformation of merchants. Additionally, we are confident that this strategic collaboration will inspire and attract a larger influx of international visitors to the Kingdom, amplified by our extensive global network.”
Almosafer Activities provides a state-of-the-art dedicated app for merchants to seamlessly manage their products and make them accessible on Almosafer Activities for distributors to access the inventory. The platform offers merchants substantial reach and exposure to local, regional and international audiences while distributors will have access to unique activities and experiences in Saudi Arabia.
The joint venture will reflect Almosafer’s digital-first approach, offering advanced digital solutions to merchants and distributors to help unlock selling opportunities as well as convenient payment cycles and seamless online payments.
Almosafer Activities will be able to leverage other companies under the Almosafer umbrella to distribute content. Merchants will be able to take advantage of enhanced exposure to the wide customer base of Almosafer’s consumer segment which benefits from being the Middle East’s leading travel brand, as well as through Discover Saudi, the leading destination management company in KSA.
Theodore Koumelis
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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Almosafer and Klook launch Almosafer Activities platform under joint venture
Almosafer, Saudi Arabia’s leading travel company (part of Seera Group), and Klook, Asia’s leading travel and experiences platform, have together launched the first ever holistic tours and activities platform for the KSA market, Almosafer Activities.
The launch follows the signing of an agreement between the two travel industry powerhouses in early 2022 to establish the joint venture with the purpose of creating a holistic B2B marketplace for activities in the Kingdom, addressing a gap in the market which has thus far largely seen fragmented options for bookable ‘things to do’.
Almosafer Activities is a one-stop digital platform with end-to-end content and inventory management solutions that supports tourism and leisure activity merchants in Saudi Arabia, as well as distributors across the globe, to provide an unprecedented choice of product offering for travelers to, from, and within the Kingdom.
The platform, which will go live for distributors in Q3 2023, will leverage Klook’s position as a leading global distributor of experiences and services and enable domestic and international tourists to book activities with ease. Almosafer Activities will provide seamless booking experiences, connecting Saudi Arabia travelers to global platforms, starting with Klook.
The launch of Almosafer Activities supports the tourism agenda of Saudi Vision 2030 by boosting inbound and domestic tourism. The platform will also support small and medium-sized merchants by providing them with a platform and exposure to more distribution channels.
Fahd Hamidaddin, CEO and Member of the Board at Saudi Tourism Authority, said: “Saudi is setting the pace for global tourism development. We are currently undergoing a remarkable transformation and experiencing unprecedented growth, positioning ourselves as the world’s largest investor in tourism – this presents an exciting opportunity for both our existing and new partners.
“The launch of Almosafer Activities represents another significant stride towards establishing world-class standards for travelers and empowering the tourism ecosystem in alignment with the goals of Vision 2030. Through this cutting-edge digital platform, Almosafer Activities will offer seamless and hassle-free access to a wide range of activities and unique experiences, catering to every type of traveler. It is our aim to inspire visitors from around the world to explore the authentic essence of Arabia, our cherished home.”
Muzzammil Ahussain, CEO of Almosafer, said: “We are excited to be launching Almosafer Activities with Klook. Our new platform serves as a reliable marketplace for activities, tours, events, attractions and experiences, while providing a wealth of opportunities for merchants and distributors. Almosafer Activities will empower the travel and tourism ecosystem as a whole whilst further supporting the Kingdom’s strategy to continuously enhance the domestic tourism offering and increase its inbound tourism footprint.”
C.S. Soong, VP, Corporate Development of Klook, said: “The launch of Almosafer Activities represents a significant leap forward for the industry, playing an integral role in propelling Saudi Arabia towards Vision 2030. Leveraging Klook’s technological strengths and innovative merchant solutions, this new platform seamlessly connects the experiences sector and drives the digital transformation of merchants. Additionally, we are confident that this strategic collaboration will inspire and attract a larger influx of international visitors to the Kingdom, amplified by our extensive global network.”
Almosafer Activities provides a state-of-the-art dedicated app for merchants to seamlessly manage their products and make them accessible on Almosafer Activities for distributors to access the inventory. The platform offers merchants substantial reach and exposure to local, regional and international audiences while distributors will have access to unique activities and experiences in Saudi Arabia.
The joint venture will reflect Almosafer’s digital-first approach, offering advanced digital solutions to merchants and distributors to help unlock selling opportunities as well as convenient payment cycles and seamless online payments.
Almosafer Activities will be able to leverage other companies under the Almosafer umbrella to distribute content. Merchants will be able to take advantage of enhanced exposure to the wide customer base of Almosafer’s consumer segment which benefits from being the Middle East’s leading travel brand, as well as through Discover Saudi, the leading destination management company in KSA.
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Almosafer and Klook launch Almosafer Activities platform
Posted by Melanie Swan on 26 June 2023
The joint venture brings a B2B digital marketplace for activities and tours in Saudi
Saudi Arabia's Almosafer travel company and Asian travel and experience platform Klook have launched the first-ever holistic tours and activities platform for the KSA market, Almosafer Activities.
The launch follows the signing of an agreement between the two travel industry powerhouses in early 2022 to establish the joint venture with the purpose of creating a holistic B2B marketplace for activities in the kingdom, addressing a gap in the market, which has thus far largely seen fragmented options for bookable things to do.
The platform, which will go live for distributors in Q3 2023, supports the tourism agenda of Saudi Vision 2030 by boosting inbound and domestic tourism. The platform will also support small and medium-sized merchants by providing them with a platform and exposure to more distribution channels.
Muzzammil Ahussain, CEO of Almosafer, said: “Our new platform serves as a reliable marketplace for activities, tours, events, attractions and experiences, while providing a wealth of opportunities for merchants and distributors. Almosafer Activities will empower the travel and tourism ecosystem as a whole while further supporting the kingdom’s strategy to continuously enhance the domestic tourism offering and increase its inbound tourism footprint.”
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CS Soong, VP, Corporate Development of Klook, said: “The launch of Almosafer Activities represents a significant leap forward for the industry, playing an integral role in propelling Saudi Arabia towards Vision 2030.
"Leveraging Klook's technological strengths and innovative merchant solutions, this new platform seamlessly connects the experiences sector and drives the digital transformation of merchants.
"Additionally, we are confident that this strategic collaboration will inspire and attract a larger influx of international visitors to the Kingdom, amplified by our extensive global network.”
Almosafer Activities will be able to leverage other companies under the Almosafer umbrella to distribute content. Merchants will be able to take advantage of enhanced exposure to the wide customer base of Almosafer’s consumer segment, which benefits from being the Middle East’s leading travel brand, as well as through Discover Saudi, the leading destination management company in KSA.
For more information, visit www.almosafer.com
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Company profile page for Almosafer Travel & Tourism including stock price, company news, executives, board members, and contact information
Almosafer is the Middle East's leading travel brand offering consumers seamless user experiences for domestic and international travel bookings through its omni-channel offerings across state-of-the-art online platforms, call centre, WhatsApp and retail locations.. Providing hotel booking options for over 1.5 million properties around the globe, flight bookings on over 450 airlines, domestic ...
Almosafer Sports. A service solution offering an extensive network spanning clubs, sports authorities, and experts across football and more, by leveraging Almosafer's excellence in travel & tourism to serve the sports sector through travel management, logistics and more to provide services for scholarships & camps, sporting events, fan travel packages, team travel management.
Download the Almosafer app for free on Google Play and the App Store and get access to the best hotel booking deals right at your fingertips. Choose and book hotels on the app in a few simple steps. Saudi's #1 Travel Company, over 500,000 Hotel options worldwide. Book Flights, Airlines Ticket, Aparthotel, Resorts, Villas.
Find company research, competitor information, contact details & financial data for ALMOSAFER FOR TRAVEL AND TOURISM COMPANY of Riyadh. Get the latest business insights from Dun & Bradstreet.
Ahussain: Almosafer Business, our corporate and government clients division in the Kingdom, provides customized travel management services by integrating Almosafer technology, travel advisory, and ...
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Forbes Middle East. <p>Saudi's Public Investment Fund (PIF) has signed a non-binding agreement with Seera Group Holding to own 30% of its subsidiary Almosafer Travel and Tourism Company at a value of $412 million (SAR 1.5 billion), a statement on the Saudi Exchange showed Tuesday.</p><p></p>.
According to the filing, PIF is seeking a 30 percent shareholding in Almosafer for a total consideration of up to SR1.5 billion ($400 million) to be paid to the travel company for new shares. The investment amount is based on a preliminary pre-money enterprise value of Almosafer and its subsidiaries of SR3.7 billion.
Almosafer (part of Seera Group) Saudi Arabia's Leading Travel Company Elevating the journey for travellers from Saudi Arabia, the region & beyond, while harnessing Seera Group's 40+ years of expertise, Almosafer supports Saudi Arabia's vision as a national champion for tourism. Almosafer creates opportunities for outbound, leisure and ...
Almosafer | 37,175 followers on LinkedIn. Saudi Arabia's Leading Travel Company | Almosafer (part of Seera Group) Saudi Arabia's Leading Travel Company Elevating the journey for travellers from Saudi Arabia, the region & beyond, while harnessing Seera Group's 40+ years of expertise, Almosafer supports Saudi Arabia's vision as a national champion for tourism.
The new domestic travel trends report was released by Almosafer during the 2024 Saudi Tourism Forum held in Riyadh. The report, which draws on data insights collated from across the company's consumer platforms during 2023, has found that over 40% of the total booking share comes from the domestic sector, with 83% of local travellers showing ...
Domestic sector accounts for over 40% of booking share, reveals data collated across Almosafer's consumer travel platforms. Riyadh, Saudi Arabia; 22 January, 2024: Almosafer, Saudi Arabia's leading travel company (part of Seera Group), has revealed that Saudi travellers are showing a strong appetite for the diverse range of tourism offerings within the country, leading to impressive gains ...
FB LN TW MAIL LN LN. Saudi Arabia's Public Investment Fund signed a pact to acquire 30 percent of local tourism company Almosafer. The wealth fund, which has $620 billion in assets, will invest SAR1.55 billion ($412 million) with an earn-out amount of SAR386 million, according to a bourse filing. Almosafer is a unit of Riyadh-listed Seera Group.
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[:en]Element ListExplanationIntroduction Seera Group Holding is pleased to announce that Almosafer Travel and Tourism Company (one of its subsidiaries) has signed an agreement with Klook Travel Technology to establish a joint company for the purpose of developing a joint venture to establish a one-stop digital platform for activities Date of Announcement of the Award 2022-02-17 Corresponding ...
RIYADH, SAUDI ARABIA - Almosafer, Saudi Arabia's leading travel company (part of Seera Group), and Klook, Asia's leading travel and experiences platform, have together launched the first ever holistic tours and activities platform for the KSA market, Almosafer Activities. The launch follows the signing of an agreement between the two travel industry powerhouses in early 2022 to establish ...
The launch of Almosafer Activities supports the tourism agenda of Saudi Vision 2030 by boosting inbound and domestic tourism. The platform will also support small and medium-sized merchants by providing them with a platform and exposure to more distribution channels. Fahd Hamidaddin, CEO and Member of the Board at Saudi Tourism Authority, said ...
Almosafer Activities will empower the travel and tourism ecosystem as a whole whilst further supporting the Kingdom's strategy to continuously enhance the domestic tourism offering and increase its inbound tourism footprint." ... The joint venture will reflect Almosafer's digital-first approach, offering advanced digital solutions to ...
The joint venture brings a B2B digital marketplace for activities and tours in Saudi. Saudi Arabia's Almosafer travel company and Asian travel and experience platform Klook have launched the first-ever holistic tours and activities platform for the KSA market, Almosafer Activities. ... Almosafer Activities will empower the travel and tourism ...
The appetite for travel remains strong amongst Saudi travellers, with growth in . demand across both international and domestic tourism. With the full resurgence of . the sector, has travel behaviour changed for those travelling within the Kingdom or . venturing further afield? Based on analysis of proprietary data from Almosafer's ...
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