Almatar Group anticipates IPO on Tadawul by 2025: CEO

Aimen Saleh Basalamah, CEO of Almatar Travel Group

Almatar Travel Group is preparing to list on the Saudi Exchange (Tadawul) by the fourth quarter of 2025, CEO and Co-Founder Aimen Saleh Basalamah told Argaam in an interview.

Led by Chairman Yousef Abdullah Al Rajhi, Almatar will be the first digital travel and tourism group of its kind to be listed in Saudi and regional markets, Basalamah added.

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He stressed the importance of digital tourism in supporting the digital economy in the Kingdom, by providing integrated solutions and attracting international investments and cash flows to Saudi Arabia.

The CEO pointed out that the group has a clear vision to be take the lead in the Middle East region in the field of digital tourism by 2029, with a target of SAR 16 billion for the same year, and a backlog of SAR 57 billion, coming from six different segments.

The group aims to expand its operational and technical capabilities in several countries within the GCC region, as it plans to enter Kuwait and the UAE markets next year, with a different model that suits the needs of these markets, Basalamah stated.

Almatar started its investments outside the Kingdom at the start of this year with foray into Oman. The company invested in an Omani company to transfer technology and expertise from the Saudi market to the tourism sector in Oman, the CEO noted.

 He pointed out that Makkah and Madinah witness an increase in demand during the Hajj and Umrah seasons. Other destinations in the Kingdom, such as Riyadh and AlUla, mark high demand from international markets during the winter season.

Basalamah expects his company to benefit from new tourism projects such as Red Sea, Qiddiya and NEOM, as the demand for these destinations will increase after the projects’ delivery in 2025 and 2026.

 He further stated that the major investors in the group include Yousef Al Rajhi, Impact46 and the Tourism Development Fund, in addition to the co-founders.

The group provides modern technical solutions that contribute to improving the customer experience through six different segments, the first of which is the individual segment represented by Almatar App.

Almatar App was the most downloaded among local apps for 2022 and 2023, according to the Communications, Space & Technology Commission (CST) report, with a growth of more than 115% and over four million users.

On the other hand, Almatar corporate segment targets government ministries, agencies and private sector companies, automating all employee procedures and linking them technically with the human and internal resources systems of these entities. There are currently more than 150 entities benefiting from Almatar corporate technology solutions in flight and hotel reservations and car rentals, reception, farewell, and obtaining visas.

The group also owns and runs “Almatar paid”, which manages the hospitality system for furnished apartments and hotels within the Kingdom. The service covers over 160,000 rooms in more than 20 cities across the Kingdom, and links these properties to international reservations sites in various markets.

“Almatar Trip” segment cooperates with the Saudi Tourism Authority to attract international visitors for tourism, entertainment and religious travel, and, serve them with all tourism products.

Basalamah said the group also has the “Chutti App.” that targets non-Arabic speaking residents in a market valued at more than SAR 7 billion. “Travel Solutions” targets the conferences, exhibitions and banking sector via providing travel e-services to their customers and visitors and benefiting from the technical infrastructure of the group, which covers major partnerships that include events such as the LEAP Tech Event, and agreements with the Arab National Bank (ANB) and stc.