Seera Group Rides Saudi Arabia's Efforts to Build Tourism to First Post-Pandemic Profit
Skift Take
The sweet sound of "profit" seems to be making a slow and steady return in the earnings calls of travel companies in the Middle East.
Saudi Arabia's increasing focus in the tourism sector and the shift to leisure travel has brought Seera Group from the red to report the company’s first post-pandemic operating profit of $8 million in the third quarter.
A majority of the $1 trillion investment that the country has earmarked for developing the Saudi tourism economy has been deployed for the leisure segment.
Seera noted that leisure travel drove the growth of the consumer travel segment fuelled by the removal of almost all pandemic-related restrictions across the world.
Seera’s return to profit illustrates the incredible recovery of travel and our strategic positioning to capitalise on the pent-up demand, said Majed Alnefaie, CEO at Seera Group.
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