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FINANCIAL NEWS
UAE’s Gulf Capital acquires DOTW
27 Nov 2014
(MENAFN) UAE’s Gulf Capital announced it has closed its acquisition of Destinations of the World (DOTW), a leading multi-regional hospitality distributor, Khaleej Times reported.
Gulf Capital said that the acquisition of the company happened in partnership with DOTW’s senior management, with Gulf Capital retaining a controlling 57.5 percent stake in the company, while the rest will remain with DOTW’s management after this deal.
DOTW is known to be an accommodation whole seller, with access to hotel rooms in different travel destinations, offering to sell hotel room bookings to its multi-regional distribution network of travel agents, online travel agents, airlines and tour operators, with the company currently having a 95 percent penetration of the region’s travel retailer agency market.
“The accommodation wholesale sector is the fastest-growing segment of the global travel market and DOTW has a solid track record of driving top-line growth and achieving significant scale economies,” CEO of Gulf Capital said.
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