American Express GBT acquires stake in Middle East TMC

American Express Global Business Travel (GBT) will hold a 65% in a new joint venture with Kanoo Travel, one of the largest travel management networks in the Middle East.

Financial terms of the deal – which is expected to close by early 2020 - have not been disclosed.

GBT has worked with Kanoo Travel since 1980. The company operates in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Oman.

“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,” says Elyes Mrad, GBT’s managing director, international.

“The creation of the joint venture will enhance how we service those clients and their travelers by combining Kanoo’s region-specific expertise with the backing of GBT’s global scale and technology.”

The joint venture, formed with parent company YBA Kanoo Group, will be headquartered in Dubai and provide managed travel and events services to clients in the Middle East.

GBT will have management and operational control of the business and its more than 500 employees.

“GBT’s global clients, many of whom we already service, stand to benefit from a more consistent global offering because of this joint venture,” says Nabeel K. Kanoo, president of Kanoo Travel.

“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.”