RIYADH: Seera Group Holding is on track to cut losses to nil and register growth, boosted by its car rental business and improving domestic tourism, Group Vice Chairman Muzzammil Ahussain told Arab News.
During the first half of 2022, the group reduced its losses by 43% to 131 million Saudi riyals (34.85 million dollars; 1 dollar = 1 euro), once morest 230 million Saudi riyals a year ago.
But the realities on the ground are changing. For example, the Saudi Travel and Tourism Agency is expected to generate four billion Saudi riyals (US$1.06 billion) in booking value exclusively from its travel brand, Almosafer, topping 3.8 billion. Saudi riyals (one billion US dollars) recorded in 2019.
This number will be achieved through the upcoming annual government-supported entertainment and sports festival, known as Riyadh Season. The latter is expected to attract increasing numbers of tourists, says Mr. Ahussein.
With continued growth in domestic tourism and travel to various parts of Saudi Arabia, Seera’s growth will also be fueled by its Lumi car rental unit, which is expected to achieve nearly 1 billion Saudi riyals in sales. by 2023 with a fleet of over 18,500 vehicles. .
“We are very happy to be part of the Saudi Arabia tourism journey and the Vision 2030 initiative. We believe that tourism is a vital part of the Saudi economy and industry, as well as inbound tourism, nationally and internationally,” adds Mr. Ahussein.
As part of its activities, the group integrates data and digital. He believes this is a key differentiating factor that will enable travel across the Kingdom and around the world, says the vice president of the group.
Earlier this year, Almosafer announced that he had invested 116 million Saudi riyals ($30.74 million) to set up a joint venture with Hong Kong’s Klook Travel Technology, a travel business developer and platform. form of booking services designed to connect travelers to experiences.
With this venture, the group plans to create a one-stop-shop digital platform with comprehensive content and inventory management solutions that will support tourism and leisure activity providers across the Kingdom.
Mr. Ahussein revealed that the first product of the joint venture should be in place by the end of the year.
Through this new partnership, the Kingdom’s activity providers will be able to connect with global markets and tour operators, enabling them to grow their business and strengthen the Kingdom’s role in global tourism.
“We are very excited regarding using data, technology and digital to transform the travel experience,” he concludes.
This text is the translation of an article published on Arabnews.com
