Amadeus partners with Saudi Tourism Authority to develop destination management in the Kingdom

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Updated 12 June 2022

Amadeus partners with Saudi Tourism Authority to develop destination management in the Kingdom

Amadeus partners with Saudi Tourism Authority to develop destination management in the Kingdom

JEDDAH: Travel technology company Amadeus has signed a deal with the Saudi Tourism Authority to provide a destination management system that would enhance tourism and mobility in the Kingdom.

Speaking on the sidelines of the 116th Executive Council of the UN World Tourism Organization, Nashat Bukhari, managing director of Amadeus, Saudi Arabia & Bahrain, told Arab News that the technology would help the Kingdom attract tourists and new businesses into the region.

“We provide an application to show the traffic situation, where the travelers are, and how to attract and convert travelers. Hopefully, this will attract many travelers and tourists to Saudi Arabia,” he said.

The ecosystem starts with inspiring the traveler about the destination, showing what they should expect to see, which enables travel agencies to book airline tickets, accommodation, and transportation accordingly.

“Amadeus is the world’s largest travel technology company, with regional offices in more than 114 countries,” he said.

The company holds a 77 percent market share in the Kingdom, providing technology services in tourism, airlines and hospitality.

The company uses sophisticated software associated with Microsoft Cloud to preserve the maximum amount of data.

The Madrid-based company works with many regional companies, including Saudi Arabian Airlines, The Red Sea Development Co., and Hilton Hotels & Resorts, in addition to public entities such as the Saudi Ministry of Tourism and the Saudi Ministry of Investment.

“We have hospitality systems to provide hotels, which can be used for reservations and property management,” said Bukhari.

Amadeus’ client segment also includes travel agencies, providing them with traveling systems to manage their workflow.

“We provide the travel agencies with technology to fulfill the needs of the travelers,” he said.

Amadeus recently developed a platform for Riyadh-based travel company Seera Group to speed up customer post-booking experience.

The company’s advanced post-booking technology solutions provide numerous optimization benefits, drastically reducing the time needed to reissue tickets across all Seera’s omnichannel touch points by automating the process.

According to a press statement, requests for ticket changes, whether made via Seera’s travel verticals on booking platforms, call centers, in-branch, or WhatsApp channels, can now be processed in less than five minutes.

Seera Group is also the first to use these technologies to issue and reissue tickets for Saudi government entities, the statement said.


UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share

UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share
Updated 14 sec ago

UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share

UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share

RIYADH: Dubai business park operator TECOM Group has raised $454 million by selling 625 million shares in an initial public offering.

The shares were offered at 2.67 dirhams ($0.73) each, Bloomberg reported.

The global offer attracted substantial demand from both qualified institutional and UAE retail investors, with a total gross demand of 35.4 billion dirhams — 21 times oversubscription.

This price implies a dividend yield of approximately 6 percent, as well as a market capitalization of 13.4 billion dirhams.


Saudi manufacturer Alessa to offer 30% shares in IPO

Saudi manufacturer Alessa to offer 30% shares in IPO
Updated 27 June 2022

Saudi manufacturer Alessa to offer 30% shares in IPO

Saudi manufacturer Alessa to offer 30% shares in IPO

RIYADH: Alessa Industries Co. intends to float 30 percent of its capital in an initial public offering.

The company, owned 38 percent by Sinad Holding Co., will be ready in two years for the issue, Executive Vice President for Operations, Abdulmohsen Alessa, told Asharq Business.

Alessa also aims to generate local sales of over SR1 billion ($266 million) by the end of the year.

The executive added that the firm plans to open a regional office in Egypt by 2023, with investments exceeding $10 million there.

Established in 1935, Alessa is a Saudi closed joint-stock company that produces, manufactures, imports, and distributes air conditioners, home electrical appliances, and electronics.


Saudi Alfanar Global Development invests $530m in Egypt

Saudi Alfanar Global Development invests $530m in Egypt
Updated 27 June 2022

Saudi Alfanar Global Development invests $530m in Egypt

Saudi Alfanar Global Development invests $530m in Egypt

RIYADH: Saudi Arabia’s Alfanar Global Development has signed agreements worth SR2 billion ($530 million) with Egypt’s Arab Organization for Industrialization and Benya Holding Group.

The new investments happened on the sidelines of Crown Prince Mohammed bin Salman’s visit to Egypt.

According to the press release, these agreements are focused on localization of technology for renewable energy, and implementation of IT projects, digital solutions, data centers and cybersecurity.

“Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed toward 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and Africa,” said Amer AlAjmi, executive vice president of Alfanar Global Development.


COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO

COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO
Updated 27 June 2022

COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO

COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO

RIYADH: The upcoming United Nations Climate Change Conference should discuss plans to fund poor regions to help achieve sustainability goals, according to Christian Bruch, CEO of Siemens Energy.

“It’s not about the promises but it’s about implementing them,” said Bruch while speaking at a virtual conference during the MEA Energy Week.

The conference, known as COP27, is set to be held in Sharm el-Sheikh, Egypt, from Nov. 7 to 18. 

Bruch noted that leaders in the region have understood the necessity of stopping the use of hydrocarbons, but their usage should continue for some time to meet the energy demands.

According to Bruch, hydrocarbons should be used in the most sufficient and sustainable way to achieve the emission targets.

He added that the ongoing tensions between Russia and Ukraine have negatively impacted the sustainability journey. The top official made it clear that a long-term plan should be formulated to achieve net-zero goals.


TASI continues to rebound as sentiment improves: Opening bell

TASI continues to rebound as sentiment improves: Opening bell
Updated 27 June 2022

TASI continues to rebound as sentiment improves: Opening bell

TASI continues to rebound as sentiment improves: Opening bell

RIYADH: Saudi stocks saw the second day of gains in early morning trading, spurred by improved sentiment and stable oil prices that eased inflation concerns.

The main index, TASI, rose 0.47 percent to 11,567, while the parallel market, Nomu, dropped 0.04 percent to 20,673 as of 10:08 a.m. Saudi time.

In energy trading, Brent crude settled at $113.05 a barrel and US West Texas Intermediate reached $107.40 a barrel, as of 10:11 a.m. Saudi time.

Retal Urban Development Co., which was leading the gainers, saw its share price rise by 5 percent.

Saudi Arabia Refineries Co. followed with a 4.15 percent gain, following the announcement that it had registered its subsidiary, Al-Sado Investment Co., with a capital of SR5 million ($1.3 million).

Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.13 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.71 percent, while Alinma Bank rose 1.47 percent.

Arab National Bank’s shares increased 0.32 percent, following its board’s proposal to pay SR750 million in dividends for the first half of 2022.

In the pharma sector, Aldawaa Medical Services Co. opened flat, while Nahdi Medical Co. gained 0.78 percent.

Among telecom stocks, stc edged up 0.10 percent, while Zain KSA shed 0.52 percent.

Middle East Healthcare Co. advanced 1.22 percent, after it reported that the construction of its Saudi German hospital in Makkah has been completed.