The acquisitions mark a further expansion of Kuoni’s activities in the Gulf region, especially in the MICE sector. The Kuoni Group is already home to Desert Adventures Tourism, one of the UAE’s leading destination management companies, which was acquired in 2008.
The sale agreements covering the acquisition of Gulf Dunes and Reem Tours & Travel were formally signed yesterday. The transactions will be concluded in the next few weeks. Kuoni is acquiring the companies in full, in collaboration with a local partner.
Gulf Dunes and Reem Tours & Travel have been acquired in full, in collaboration with a local partner. Gulf Dunes was founded in Dubai in 1995, and Reem Tours & Travel was established in 2003. Both companies managed to grow their business successfully in the past years.
All Gulf Dunes and Reem Tours & Travel employees will be retained, as well as their brands. Both companies will also remain under the management of its previous owner, Mr Gamal Fathy. Gulf Dunes is one of the leading organisers and providers of meeting, incentive, congress and event (MICE) services in the region. It also maintains a branch operation in Muscat (Oman). While Reem Tours and Travel is a strong leisure provider mainly for South American market.
The parties agreed not to divulge the purchase prices involved. Both companies will be incorporated into the Kuoni Group’s Destination Management Arabia/Africa organisation, and their managing director will report to Yasser Noman, CEO Middle East & Africa.
“It is a great pleasure to announce these two acquisitions which took place yesterday, that give Kuoni Group’s Destination Management a great opportunity to further develop the MICE business segment in the Middle East, and at the same time strengthening Kuoni position as a leading Destination Management Company in the Gulf region,” says Yasser Noman, CEO Middle East & Africa.
Thursday, November 4- 2010 @ 13:17 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.