almosafer for travel and tourism joint stock

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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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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 the results of the extraordinary general assembly meeting, ( second meeting ), seera group holding announces its interim financial results for the period ending on 2024-03-31 ( three months ).

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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.

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Almosafer Sets Sights on Saudi Stock Exchange Debut

Almosafer, a leading online travel platform in the region and a subsidiary of Seera Group Holding, is revving its engines for a potential initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) within the next two to three years. This news comes after the company concluded discussions with the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia.

The decision to pursue an IPO indicates Almosafer's confidence in its growth trajectory. The company reported a strong start to 2024, with first-quarter revenues exceeding SAR 200 million ($53. 33 million), reflecting a 21% year-on-year increase. This positive performance follows Almosafer achieving break-even in the first quarter of 2023.

"We are set to exceed our historical performance level and exceed SAR 10 billion in booking value by 2025, in line with Seera's new strategy, " said Muzzammil Ahussain, CEO of Almosafer. The company's optimism is fueled by a robust demand for travel, particularly within the domestic Saudi market. Bookings for summer travel surged by 29% from January to April, signifying a rising interest in local tourism experiences.

Almosafer's IPO plans also come amidst the company's regional expansion. Having established itself as a dominant travel brand for individual travelers in Saudi Arabia and Kuwait, Almosafer has successfully extended its reach into Qatar, Bahrain, and the UAE. This strategic move positions the company to capitalize on the burgeoning travel market across the Arabian Gulf.

The potential IPO is a significant development not only for Almosafer but also for the Saudi Arabian travel sector. A successful listing on Tadawul could bolster investor confidence in the industry's potential and pave the way for further growth. This move aligns with Saudi Vision 2030, a strategic framework that aims to diversify the kingdom's economy and promote tourism as a key pillar of growth.

Almosafer's financial performance and strategic expansion plans suggest that the company is well-positioned for a successful IPO. With a growing travel market and a supportive regulatory environment, Almosafer's potential listing on Tadawul could be a landmark moment for the Saudi Arabian travel sector.

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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.

• Theodore Koumelis https://www.traveldailynews.com/author/theodore-koumelis/ Key travel trends and market growth insights from MarketHub Europe 2024
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• Theodore Koumelis https://www.traveldailynews.com/author/theodore-koumelis/ Augmented Reality and Cybersecurity: Frontiers of Technology in Travel
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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.”

GET YOUR FREE TRAVEL & TOURISM INSIGHT REPORT PRODUCED IN ASSOCIATION WITH DELOITTE

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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Almosafer and Klook launch Almosafer Activities platform

Almosafer, Saudi Arabia’s 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.

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Saudi travel company almosafer to drive tourism in aseer region.

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Almosafer, Saudi Arabia’s leading travel company (part of Seera Group), has partnered with Aseer Development Authority (ASDA), to elevate and position the picturesque mountainous region of Aseer, located in the southwest of the Kingdom, as a top-tier global tourism destination.

The partnership will leverage the expertise and comprehensive range of travel services offered by Almosafer across its business verticals to drive tourism in Aseer and craft-inspired experiences for visitors. 

Almosafer’s geographical reach and extensive experience in the Kingdom will be pivotal in introducing regional and global tourists to the diversified entertainment, cultural immersion, and sporting activities in the Aseer region.

At the heart of the partnership is the shared vision to establish Aseer, set in a spectacular location along the Red Sea coast, as a year-round tourism destination for adventure seekers, nature lovers  and  culture enthusiasts.

Under the Memorandum of Understanding (MoU), ASDA will provide comprehensive training and advisory services to front-line staff and other personnel at Almosafer to build skills and knowledge of curating memorable travel experiences in  Aseer . The training, provided through the Almosafer Academy, will offer a detailed destination overview of Aseer and its unique selling points, highlight the region’s diverse array of experiences and attractions, and offer tailored training sessions in sales and booking systems to streamline processes and ensure seamless customer experiences.

Almosafer and ASDA will further collaborate to position Aseer as a premier travel destination across Discover Saudi, Almosafer’s destination management company. Almosafer will create exciting package options for inbound and domestic travelers through its B2B partners and will target leisure travelers and appeal to those extending their Umrah/Hajj trips to explore the hidden gems of Aseer.

The wide range of leisure offerings available in Aseer will also be onboarded onto Almosafer Activities, the first-ever holistic tours and activities platform for the KSA market  and  will enable both domestic and inbound travelers to enjoy a vibrant choice of more personalized itineraries and curated experiences in the Kingdom.

Through the omnichannel network of its consumer travel business, Almosafer will drive destination awareness campaigns of Aseer’s rich cultural heritage, unique natural landscape, and adventure attractions to visitors within the Kingdom and the GCC, and across international markets. 

Almosafer’s campaigns will have a special focus on the delightful blend of music, dining, and family-friendly activities at the annual Aseer Season, which offers weeks of entertainment for visitors of all ages.

Eng. Hashim Al Dabbagh Acting CEO Aseer Development Authority “Our partnership with Almosafer comes at a significant moment as we are accelerating efforts to enhance the Aseer region’s visibility and appeal to domestic and international travelers as a year-round-destination. Through comprehensive training, collaborative marketing, and the integration of Aseer’s activities and offerings onto Almosafer’s digital platforms, we aim to showcase the region’s exceptional offerings to the wider world.”

Muzzammil  Ahussain , CEO of Almosafer, said that, “As the national champion of tourism in Saudi Arabia, Almosafer supports the tourism agenda of the Kingdom’s Vision 2030 and is well-positioned to showcase and unlock the potential of Aseer’s tourism diversity by leveraging each of our business verticals. The collaboration with Aseer Development Authority will contribute to the sustainable growth of the region’s tourism sector, help create memorable experiences for travelers, and foster positive economic impact within the local community.”

With Saudi Arabia planning to invest $1 trillion in the tourism sector in line with its ambitious Vision 2030, the   Aseer region aims to Increase its current tourism numbers and attract approximately  9.1 million tourists by the end of the decade.

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Ennismore to Add Lifestyle Hotel Brand Our Habitas to Its Portfolio

Sean O'Neill , Skift

June 20th, 2024 at 7:15 AM EDT

With Ennismore's backing and Accor's distribution, Our Habitas is poised for some major growth. The brand already has multiple projects in the works, with a focus on Saudi Arabia and Asia.

Sean O'Neill

Ennismore , the fast-growing lifestyle hospitality company that’s an Accor joint venture, said Thursday it had entered into a strategic partnership to run and market as part of its family of brands the experiential luxury hotel brand  Our Habitas .

The companies didn’t disclose the financial terms of the deal. Our Habitas’ shareholders remain the same.

Founded in 2016 by entrepreneur Oliver Ripley, Our Habitas operates 10 resorts in unique destinations across Mexico, Saudi Arabia, Chile and Namibia. The brand has attracted investments from Saudi’s Public Investment Fund, Starwood Capital, Barry Sternlicht, Maurice Salem and Travis Kalanick.

Ennismore will manage and expand the brand, while Ripley will oversee its creative vision.

“Our Habitas has created a unique niche in luxury hospitality, offering stunning destinations to passionate travelers seeking a lifetime adventure,” said Sébastien Bazin, chairman and CEO of Accor and executive chairman of Ennismore, in a statement. “Its crafted positioning will perfectly fit with our Ennismore collective.”

Our Habitas focuses on themes of sustainability, wellness, and immersive local experiences. It has multiple projects in development, with significant expansion planned in Saudi Arabia and Asia. By joining forces with Ennismore, the brand aims to accelerate its growth.

The financial terms of the acquisition were not disclosed. Ennismore was founded in 2011 and entered into a joint venture with Accor in 2021. Its portfolio includes over 145 properties across 35 countries under 17 brands. The company has over 100 more hotels in its pipeline.

As Skift’s “On Experience” columnist Colin Nagy was among the first to point out back in 2020, Habitas differentiated itself early on by being the developer, owner, architect, engineer, management company, and operator of their properties. This made it able to push the envelope on new ideas. For example, they developed an innovation lab in Merida, Mexico where they used modular construction and 3D printing technology to create future developments.

CORRECTION : This article incorrectly said Ennismore was buying Our Habitas. It’s only entering into a strategic partnership with Our Habitas, whose shareholders remain the same. 

Leyja At Neom to be Managed by Habitas, Saudi’s Next ‘Global Bucket List’ Creation

Saudi Arabia’s mountain destination of Leyja promises some of the most ambitious hotels ever made. Amounting to just 120 rooms between three properties, operators Habitas say they can make a global destination of it.

Accommodations Sector Stock Index Performance Year-to-Date

What am I looking at?  The performance of hotels and short-term rental sector stocks within the  ST200 . The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.

The Skift Travel 200 (ST200)  combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance.

Read the full methodology behind the Skift Travel 200.

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Tags: ennismore , hotels , mergers and acquisitions , our habitas

Photo credit: Habitas Agafay. Ennismore