UAE: Saudi travel firm Almosafer aims to launch IPO by year-end or early 2026, says CEO
Almosafer, which is part of the Seera Group, has set its sights on going public within this year or early next year, as per the company’s CEO.
Muzzammil Ahussain, CEO of Almosafer, said, “We're still on track for an IPO sometime in the later part of 2025 or early 2026. We are in the process of appointing advisers. Now we're doing our internal work to get ready.”
He did, however, mention that it is much too early for him to disclose how much the company intends on floating during the IPO.
As per the Saudi Exchange, the issuers are obliged to make available a bare minimum of 30 percent of their shares and the minimum market cap should be 300 million Saudi riyals on the primary bourse Tadawul.
“He added, however, that there are minimum requirements from the Saudi authorities to list a certain percentage so we'd have to go and comply with all rules, which he emphasized, will be accessible to all local and foreign entities.”
According to Ahussain, 2024 was the “great year" noting particularly on the consumer side where he said the steep booking soared to above 6 billion riyals.
“Demand for travel is solid and will only increase in the future. We have also witnessed massive increases in the demand for Hajj and Umrah travel, along with related offerings like flights, packages, and Umrah packages,” he noted.
“International, domestic, and intra-regional travel all show robust growth, which we expected. Balanced symmetry is that bookings are split evenly between domestic and regional at about 40% each, with the rest internationally,” he noted on the sidelines of the Arabian Travel Market 2025.
In a report issued ahead of the International Saudi Travel and Tourism Investment Market, Almosafer noted combining business and leisure travel with strong demand for outbound travel puts Saudi Arabia in the top 10 countries with the highest spending on international travel.
Men and women booking trips from within Saudi Arabia have displayed an unwavering thirst for lavish luxuries that seem unprecedented, with more than 75% of room nights booked within 4-star and above hotels surpassing availability.
More diverse traveler types are emerging as a result of greater scheme of things, ease of visa access for Saudi citizens, growing region-elsewhere accessibility through budget airlines, and availability of more economical accommodation options.
Consequently, the number of room nights at international 3-star and lower-rated properties increased by 12%. Moreover, bookings for other types of lodging, including serviced apartments and holiday homes, grew by 15% in the Mena region and 21% in other international markets.
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