Jersey City, US (TAN): United States-based travel and meetings programme management company American Express Global Business Travel (GBT) will acquire a 65% stake in Kanoo Travel, a Middle East-based travel company that operates in United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Oman.
According to reports, the deal could close by 2020. However, its financial terms were not disclosed.
“Kanoo Travel has been a trusted, long-term partner for GBT in the region for many years and is known and respected by many of our clients. The creation of the joint venture will enhance how we service those clients and their travelers by combining Kanoo’s region-specific expertise with the backing of GBT’s global scale and technology,” GBT’s Managing Director – International, Elyes Mrad, was quoted by media reports as saying.
The joint venture was established with the parent company of Kanoo Travel, The Yusuf Bin Ahmed Kanoo Group of Companies, that started its journey in Bahrain in 1890. Dubai, United Arab Emirates will serve as the headquarters for the joint venture to offer managed travel and events services to clients in the Middle East.
GBT, which has reportedly worked with Kanoo Travel since 1980, will have management and operational control of the business and its employees.
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“GBT’s global clients, many of whom we already service, stand to benefit from a more consistent global offering because of this joint venture. Our own clients in the Middle East will profit in the long term from having access to GBT’s total travel and expense eco-system, proprietary technology and global reach. Our people are also excited by the possibilities that come with being part of the world’s most recognizable business travel brand,” President, Kanoo Travel, Nabeel K. Kanoo was quoted by media reports as saying.
