DUBAI – American Express Global Business Travel (GBT), the world’s leading business partner for managed travel, has entered into a definitive agreement to acquire a controlling stake in Kanoo Travel, one of the largest travel management networks in the Middle East.  GBT will form a joint venture with Kanoo Travel to provide managed travel and events services to clients in the Middle East. Kanoo Travel, which has been a key member of GBT’s global travel partner network for many years, operates in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Oman. The transaction is subject to receipt of regulatory approvals and customary conditions and is expected to close in Q4 2019 or early Q1 2020.

GBT will hold 65% of the new joint venture, headquartered in Dubai, and assume management and operational control of the business. YBA Kanoo Group, Kanoo Travel’s mother company will hold the remaining 35% stake in the joint venture.

Elyes Mrad, GBT’s Managing Director, International, said: “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 Travel’s region-specific expertise with the backing of GBT’s global scale and technology.”

Nabeel Khalid Kanoo, President of Kanoo Travel, said: “GBT’s global clients, many of whom we already service, stand to benefit from a more consistent global offering because of this JV. 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.”  

“For more than 70 years, Kanoo Travel has provided innovative travel management solutions across the region. Backed by one of the largest independent, family-owned companies in the Gulf, YBA Kanoo, Kanoo Travel offered dependable, compliance-driven, and cost effective services that exceed customers’ expectations. Now, we take our services and excellence a step further by joining our long-term partners GBT in becoming a truly global network” Nabeel Kanoo added.

The financial terms of the deal are undisclosed.

About Kanoo Travel:

Established in the late 1930s, Kanoo Travel is considered one of the largest travel management companies in the MENA region. With over 1,500 travel specialists across the region, operating a network of IATA locations, specialising in Corporate Travel, Meetings, Incentives, Conferences, and Events (MICE), Leisure & Holiday Travel, Airline Representation and Marine Travel. It has been consistently recognised for its premium solutions, service excellence, and winning many regional industry awards. 

For Media Enquiries Contact:
Hussain Rasool, Group Corporate Communications, YBA Kanoo Group
Tel: +973 17220835, Fax: +973 17229122, Email: Hussain.rasool@kanoo.com, www.kanoo.com

About American Express Global Business Travel

American Express Global Business Travel (GBT) is the world’s leading business partner for managed travel. We help companies and their employees prosper by making sure travellers are present where and when it matters. We keep global business moving with the powerful backing of 17,000 travel professionals in more than 140 countries. Companies of all sizes, and in all places, rely on GBT to provide travel management services, organise meetings and events, and deliver business travel consulting.

Learn more at amexglobalbusinesstravel.com  

twitter.com/amexgbt                     

linkedin.com/company/american-express-global-business-travel/

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.