DUBAI, UNITED ARAB EMIRATES - Further strengthening its leadership position in the region, Cleartrip, a leading mobile and online travel company in the Middle East and India, has come together with Flyin, Saudi Arabia's leading OTA.
The partnership will benefit both Cleartrip and Flyin as they make strides to capitalize on the growing shift to online in the Middle East and North Africa (MENA) region, which is home to a large population of tech-savvy consumers and has among the highest levels of smartphone and internet penetration in the world. Together, the combined company will have over 60% market share throughout the Middle East.
This transaction, the largest in the travel space in MENA, will offer Cleartrip a wider outreach and a larger client base in a key market, providing economies of scale as well as enhanced competencies and regional knowledge. Cleartrip has recorded rapid growth year-on-year since the company launched its regional operations in 2012 to become the largest OTA in Middle East.
Stuart Crighton, Founder and CEO of Cleartrip, said, "We are pushing ahead with our ambitious expansion plans in the MENA region, and together with Flyin, we have reached a major milestone in our journey. The deal represents the culmination of our search for a strategic partner that has outstanding market association in Saudi Arabia and shares our business ethos and principles."
"Building on Saudi Arabia's evolving entrepreneurial ecosystem, Flyin has firmly established itself as the leading player in the Kingdom's online travel market. With its strong customer base and rich travel offerings, Flyin is the natural partner for us in the region. We will leverage each other's strengths to enhance product development and customer experience," added Crighton.
Abdullah Al Romaih, Founder of Flyin, commented: "We are embarking on a new journey to reinforce our leadership position in Saudi Arabia's online travel market. Bringing over a decade's international experience and industry-leading technologies and skills, Cleartrip will also help us to offer our customers new and enhanced travel experiences. We look forward to having Cleartrip continue to support the economic growth in the Kingdom, as well as the evolving travel needs of our customers."
Closely aligned with the Saudi Arabia's Vision 2030, with a strong focus on building digital infrastructure and attracting foreign investment in local homegrown companies, the transaction opens up new avenues of growth opportunities for Flyin to further strengthen its standing in the Kingdom and expand its footprint globally. Furthermore, it will contribute to the development of the country's digital infrastructure and create employment opportunities for Saudi nationals.
The transaction will enable both companies to leverage new technologies, talents and business intelligence to strengthen their travel offerings to cater to a diverse global customer base.
The transaction will close once final regulatory and corporate approvals are received.