Kuoni acquires Desert Adventures
Dubai, June 11, 2008
Kuoni Travel Holding, one of Europe’s leading tourist travel corporations, is to acquire, together with a local partner, an 80 per cent stake in Dubai-based Desert Adventures Tourism.
The acquisition will take place on July 1.
The remaining 20 per cent is being retained by the current managing director of the company.
Desert Adventures Tourism is active in destination management in four countries in the region: the United Arab Emirates, Oman, Qatar and Bahrain. With this acquisition, Kuoni continues to build up its position in this important tourism region, said a statement.
Desert Adventures Tourism was founded in 1997 in Dubai. The company expects to post sales of around CHF 100 million ($96.25 million) for the 2007/08 financial year, which ends on June 30. The company's 150 staff will keep their jobs and the existing management team will continue to have responsibility for the company's positive development, it said.
The parties have agreed not to divulge the purchase price.
Within the Kuoni Group, Desert Adventures Tourism will be integrated into the Strategic Business Division Destinations, though the brand name is being retained, said the statement.
Desert Adventures Tourism is one of the leading providers of destination management services in the UAE and Oman. The company is also active in Qatar and Bahrain. Desert Adventures Tourism offers local services for both leisure and business travel.
'Desert Adventures Tourism has achieved significant growth over the last financial year, and together with the employees and existing management we intend to accelerate this growth still further,' said Rolf Schafroth, Kuoni Group's head of Strategic Business Division Destinations, at a press conference in Dubai.
Kuoni Destination Management opened its first sales office in Dubai in 2001. Then in 2006 it built up its own destination management company. These activities are now being merged with Desert Adventures Tourism. - TradeArabia News Service