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 UAE, Saudi Arabia, Qatar, Bahrain and Oman. The transaction is subject to receipt of regulatory approvals and customary conditions and is expected to close in quarter four (Q4) of this year or early Q1, 2020.
GBT will hold 65 percent 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 percent stake in the joint venture.
Elyes Mrad, managing director, GBT 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.”