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

Short Url
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 sees financial surplus boom during the first quarter

UAE sees financial surplus boom during the first quarter
Updated 13 sec ago

UAE sees financial surplus boom during the first quarter

UAE sees financial surplus boom during the first quarter

RIYADH: The UAE’s net financial surplus increased by 129 percent during the first quarter of this year, according to data from the UAE Ministry of Finance.

The surplus during the first three months of 2022 amounted to 36.4 billion dirhams ($10.1 billion), compared to 15.9 billion dirhams in the same period last year.

Revenues during the first quarter also increased by 39 percent to 123.77 billion dirhams, Asharq reported, while expenses increased by 16.9 percent to reach 87.41 billion dirhams.


KAPSARC participates in IAEE Tokyo event, invites delegations to Riyadh edition

KAPSARC participates in IAEE Tokyo event, invites delegations to Riyadh edition
Updated 31 sec ago

KAPSARC participates in IAEE Tokyo event, invites delegations to Riyadh edition

KAPSARC participates in IAEE Tokyo event, invites delegations to Riyadh edition
  • The KAPSARC experts spoke at three key plenary and 11 concurrent sessions to share their insights on current global energy and environmental concerns

TOKYO: A delegation from Saudi Arabia’s energy economics and sustainability think tank, the King Abdullah Petroleum Studies and Research Center, participated in the 43rd International Association for Energy Economics conference in Tokyo last week.

Titled “Mapping the Energy Future, Voyage in Uncharted Territory,” the conference ran from July 31 to Aug. 4, with over 600 attendees.

The KAPSARC experts spoke at three key plenary and 11 concurrent sessions to share their insights on current global energy and environmental concerns, and how to find solutions to help shape future energy policies and encourage climate action.

KAPSARC’s talks and presentations also included the future role of fossil fuels, decarbonization risks and opportunities, renewables, energy economics, electricity markets, transportation and oil market stabilization.

During the plenary session “Climate Change and Decarbonization Challenges: Risks and Opportunities,” KAPSARC Research Fellow Dr. Noura Mansouri said: “Today, we have the opportunity of decarbonization represented in the Circular Carbon Economy, which is a new framework that values all options and encourages all efforts to reduce carbon accumulation in the atmosphere.”

KAPSARC oil and gas market expert, Hamid Al-Sadoon, explained that more investment in the hydrocarbon industry is needed to bridge the potential future gap between energy supply and demand.

“In all likelihood, hydrocarbons are here to stay. Simply because the developing world not only represents a large chunk of the demand, but they also need hydrocarbons to raise the standards of living of their citizens and develop their economies­ — that entails using more fossil fuels to reach parity with advanced nations,” he said.

Tatsuya Terazawa, chairman and CEO of Japanese think tank the Institute of Energy Economics Japan, added: “We need to face the energy challenges to better cope with high energy prices and enhance energy security while at the same time realize our long-term goals of carbon neutrality and develop the necessary supply chains for energy sustainability.” 

KAPSARC President Fahad Alajlan also spoke at the closing plenary.

“The contrast between the discussions we had over the past few days and the discussions we had during COP 26 is stark,” he said. “COP 26 discussions had a prescriptive view on what we all need to do to achieve net zero by 2050 without taking into consideration the more complex nature of nations worldwide. 

“Over the past few days, we have together adopted a more nuanced approach towards collective climate solutions that are holistic and inclusive,” he added.

During his closing remarks, Alajlan invited participants to attend the 44th Annual International IAEE event in Riyadh, which is being organized by KAPSARC and the Saudi Association for Energy Economics and being held on Feb. 4-8, 2023. It will be the first time the IAEE has hosted its annual conference in the Middle East.

KAPSARC has waived conference registration fees for all attendees.


Macro snapshot — China’s exports to Russia grow for the first time since March; Japan runs current account deficit

Macro snapshot — China’s exports to Russia grow for the first time since March; Japan runs current account deficit
Updated 5 min 33 sec ago

Macro snapshot — China’s exports to Russia grow for the first time since March; Japan runs current account deficit

Macro snapshot — China’s exports to Russia grow for the first time since March; Japan runs current account deficit

CAIRO: Chinese exports to Russia snapped four months of declines and grew robustly in July, while Russian shipments to China also held up well, official customs data showed.

Shipments to sanctions-hit Russia rose 22.2 percent in July from a year earlier in dollar terms, shaking off the decline of 17 percent in June and marking the first growth since March, according to Reuters calculations based on customs data released on Sunday.

Imports growth from Russia sustained an elevated pace at 49.3 percent in July, though slower than a 56 percent gain in June and a 79.6 percent rise in May.

Japan runs first current account deficit in 5 months

Japan ran a current account deficit for the first time in five months in June as surging imports eclipsed exports, data showed on Monday, highlighting the pressure that higher energy and raw material prices are putting on the economy. 

The world’s third-largest economy ran a current account deficit of 132.4 billion yen ($980 million) in June, government data showed, reversing 872 billion yen from the same month a year earlier.

The data, which marked the first monthly deficit since January, was smaller than economists’ median forecast for a 703.8 billion shortfall in a Reuters poll.

Taiwan’s July exports up

Taiwan’s July exports increased 14.2 percent year-on-year yet the government warned of uncertainty ahead. 

Exports rose on sustained demand for technology products with shipments to China picking up, and while the government said the outlook was good for semiconductors it warned of growing uncertainty for the global economy.

According to the Finance Ministry, exports rose 14.2 percent in July from a year earlier to $43.32 billion. It is the second highest monthly figure on record and up for the 25th consecutive month.

That was slightly slower than the 15.2 percent rise recorded in June, but better than the 11.65 percent expansion forecast from a Reuters poll. 

 

(With input from Reuters) 


Allianz planning to sell stake in Saudi Arabia unit: Bloomberg

Allianz planning to sell stake in Saudi Arabia unit: Bloomberg
Updated 34 min 16 sec ago

Allianz planning to sell stake in Saudi Arabia unit: Bloomberg

Allianz planning to sell stake in Saudi Arabia unit: Bloomberg

RIYADH: German insurer Allianz is planning to sell its Saudi Arabia unit, as the firm eyes streamlining its portfolio and raising cash, Bloomberg reported quoting people familiar with the matter. 

According to the report, Allianz is currently working with an adviser to sell its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co.

To date this year, shares of Allianz Saudi Fransi have dropped about 44 percent and the company’s market value currently stands at roughly $231 million. 

The people who wished to stay anonymous noted that some insurers have expressed preliminary interest in acquiring the business. 

They, however, made it clear that deliberations are still at their early stages, and Allianz may even decide to retain the asset. 

Allianz Saudi Fransi was established in 2007 and is a joint venture of Allianz Group and Banque Saudi Fransi. According to its annual report, Allianz holds 51 percent of the firm’s shares.

 


Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh

Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh
Updated 5 min 20 sec ago

Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh

Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh

RIYADH: Qatar Airways will resume services to its fifth destination in Saudi Arabia, Qassim, with three weekly flights starting Aug. 22.

From Sept. 2, the airline will expand the service to four weekly flights.

Qatar Airways will also introduce an additional four weekly flights to Riyadh starting Aug. 18 to meet growing demand.

The award-winning airline operates 93 weekly flights to four major cities in Saudi Arabia.

With the addition of Qassim and the four additional flights to Riyadh, Qatar Airways’ weekly flights to the Kingdom will total 101 nonstop journeys.

The resumption of services and increased capacity are part of the airline’s efforts to expand its services in the Kingdom and provide passengers with more options.

Passengers flying to and from Qassim will have seamless connectivity to more than 150 destinations in Asia, Africa, Europe and the Americas via Doha’s Hamad International Airport, voted the world’s best at the 2022 World Airport Awards in June.