Cleartrip Middle East announces strongest quarter in its history

Updated 06 February 2018
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Cleartrip Middle East announces strongest quarter in its history

Cleartrip Middle East, a leading mobile and online travel company in the region, delivered its strongest quarterly results ever in the fourth quarter of 2017 on the back of a 59 percent year-on-year increase in bookings in the MENA region.
“We marked a strong finish to 2017 with the best quarterly performance in Cleartrip Middle East’s history. In markets like the UAE, we were able to outperform the industry showcasing a multifold expansion. We are particularly delighted to see that our investments toward the adoption of new technologies have started to yield positive results,” said Stuart Crighton, founder and CEO of Cleartrip.
In the UAE, Cleartrip grew four times as much as the overall air industry growth rate, which expanded at about 13 percent compared to the same Q4 period a year ago. In Saudi Arabia, Cleartrip witnessed a 236 percent increase in growth, driven by a number of factors including the company’s launch of its Arabic website and continued focus on product innovation.
While India continued to be the strongest route in the UAE and Saudi Arabia, the company’s domestic travel segment in the Kingdom expanded 25-fold in the last quarter. The UAE witnessed a spike in traffic to the Philippines, Saudi Arabia and Egypt, while the Kingdom recorded a substantial growth in traffic to Egypt, the UAE, Pakistan, the Philippines and Turkey.
“We are optimistic that 2018 will be another strong growth year, and we will continue to drive innovation and leverage technology to diversify and enhance our offerings. With our strong presence in the region and our solid financial credentials, we couldn’t be in a better position to further scale our operations and expand our market footprint. Closely aligned with our long-term growth strategy, we have laid out plans to further deepen our presence in the region, starting with our launch in Egypt later this year,” said Sameer Bagul, EVP and managing director, Cleartrip.
All booking channels performed well during the quarter, however, mobile was one of the strongest boosted by the company’s investments worth more than $1 million in mobile development over the last year.
“We clearly know that the future is mobile and we will continue to step up our efforts to bolster Cleartrip’s leadership position in this space. We are also working toward introducing ‘chat based’ booking and service experience to enable our customers to interact with our brand in a more ‘natural’ manner by cutting out the noise,” said Bagul.


ALJ to drive foreign investment in auto sector

Updated 16 August 2018
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ALJ to drive foreign investment in auto sector

Abdul Latif Jameel (ALJ) and Japanese company Kosei Aluminium (Kosei) have signed a memorandum of understanding (MoU) with the National Industrial Clusters Development Program (NICDP), driving foreign investment into Saudi Arabia’s auto manufacturing sector.

The MoU seeks to explore the manufacturing of automotive aluminum wheels and components in Saudi Arabia and is the first major Saudi Arabian-based automotive components manufacturing venture intended to produce export products for worldwide markets.

Long-term plans for the venture involve the establishment of a factory in Saudi Arabia, as a global hub for Kosei, contributed by Saudi Arabian Mining Company (MA’ADEN). The volume of wheels produced is expected to represent a significant market share in the world.

The MoU, signed by NICDP Vice President Abdullah Al-Hazani, on behalf of NICDP President Homood Al-Tuwaijiri, Kosei CEO and President Shunkichi Kamiya, and Abdul Latif Jameel Vice Chairman and Deputy President Hassan Jameel will see Abdul Latif Jameel, Kosei and NICDP undertake a study into the technical and financial feasibility of manufacturing automotive aluminum die casting wheels and components in Saudi Arabia. This would contribute to the development of the manufacturing industry in the country — a key priority of Saudi Vision 2030.

Kamiya said: “It is our pleasure to sign this MoU with NICDP and Abdul Latif Jameel, to discover the enormous potential and various opportunities in the Kingdom as well as the MENA region. I am pleased to state that, the timing of Kosei’s global vision 2021 and Saudi Arabia’s Vision 2030 are so apt that, it has brought the three parties together to conduct the feasibility study and work toward achieving the goals.”

Al-Hazani said: “We are glad to have this MoU signed with Kosei Aluminum, one of the prominent global automotive suppliers in Japan, and Abdul Latif Jameel, one of the biggest automotive business expertise established in Saudi Arabia.”

 Signing this MoU is a part of NICDP’s plans and activities to develop a globally competitive automotive industry, together with growing a strong automotive parts supply base, in Saudi Arabia, which is in line with Vision 2030 to diversify economy in non-oil sector in the kingdom.”

Jameel said: “This MoU explores the exciting potential to bring manufacturing skills and jobs to Saudi Arabia and marks the first Saudi Arabian venture in large-scale automotive components manufacturing for export. The agreement is an important step in NICDP’s efforts to develop the manufacturing industry in Saudi Arabia in accordance with Saudi Vision 2030, and strives to make a valuable contribution to the Saudi automotive cluster.” 

The signing comes ahead of the expected visit to Saudi Arabia by Japanese Prime Minister, Shinzō Abe, and follows a visit by King Salman in March 2017, during which Saudi Arabia and Japan agreed to deepen existing bilateral relations between the two countries and establish a solid strategic partnership, as part of the Saudi-Japan Vision 2030.