RIYADH: Nearly half of those surveyed for a recent YouGov poll in Saudi Arabia said they intended to travel internationally in 2021 once travel restrictions were lifted in May.
The president of travel services firm Kanoo Travel said he was optimistic about the future of the industry as a result, despite the ups and downs that the sector had experienced during the COVID-19 pandemic.
“We at Kanoo are here for the long run,” Nabeel Kanoo told Arab News. “We are quite optimistic about the tourism and travel sector in Saudi Arabia, and it’s only going to get much better.”
While the global situation meant that interest in international travel waned significantly over the past year, domestic travel increased by 11 percent since the beginning of the pandemic, leading travel companies in the Kingdom to reevaluate, reassess, and use the knowledge they had acquired to provide clients with better services.
“For us at Kanoo, like all the other major organizations in Saudi Arabia, we have gone through a difficult but interesting time during COVID,” he said. “It gave us time to relook at ourselves, realign ourselves and try to be better focused for the future. It was difficult in the beginning because nobody knew what was happening or how to react. I don’t think anybody was really prepared for it. But I feel that we took certain tough steps. We had to let people go, of course, which was quite sad because it is of no fault of theirs. But this is the way it is.”
A recent study from the UN World Tourism Organization (UNWTO) found that almost one-third of destinations worldwide remained completely closed to international visitors.
International tourist arrivals fell by a billion, or 74 percent, in 2020, according to the UNWTO, which called it the “the worst year in tourism history” and cost the sector $1.3 trillion in lost revenue.
Kanoo said the pandemic had demanded the business be more aggressive and “bullish” in how to move forward.
“We have had to adapt to the new ways, which we have done very well. Everyday there are new statistics, new ideas. At Kanoo, we have started to look internally on how we can better ourselves in many aspects, especially with our clients, with our suppliers and with us as a business. I think the future is based on the statistics and information we are getting.”
Like almost every sector, Kanoo said there was an accelerated move toward doing business online. “This pandemic brought to light the strength of online booking, so many people are now going to start booking things online, on applications, and we as an organization have already started to adapt to the new wave of how people travel.”
He added that, despite the new norms, there would always be an opportunity to cater to international travelers. “People will always want to travel from a tourism point of view. People will want to get out and visit foreign countries. As for the sector itself, I think you will see some new players in the market and also some old players just not being able to survive the pandemic.”
Kanoo Travel was launched in the late 1930s alongside the rise of Bahrain’s aviation industry. It was the first IATA member agency in the Gulf Cooperation Council and has grown to become the largest travel company in the Middle East. It has partnerships in Saudi Arabia, Bahrain, the UAE, Qatar, Oman, Egypt, Lebanon, the UK and France and more than 1,445 travel specialists across the region.
Saudi travel sector ‘optimistic’ about post-pandemic future
https://arab.news/rdqdc
Saudi travel sector ‘optimistic’ about post-pandemic future
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.










