Emirates Group's ground handling company dnata is among a handful of investors keen on buying the UK unit of the Swiss travel agent Kuoni, The Telegraph reported yesterday in London.
The luxury tour operator, founded in 1906, announced last month it was looking to sell its UK unit to focus on government travel and business services.
Dnata declined to comment yesterday.
Kuoni’s UK operations include the customised holiday specialist Carrier, short break specialist Kirker, tour operator Voyage Jules Verne, accommodation provider CV Villas, and luxury private and escorted group tour provider Journeys of Distinction. Through these units Kuoni UK sells holidays to more than 80 destinations worldwide. It also has 35 Kuoni-branded shops in the UK, including 10 at John Lewis department stores.
Traditional travel agencies such as Kuoni and Thomas Cook have faced stiff competition in recent times from online travel sites.
The proportion of turnover accounted for by its traditional tour operating business has decreased from 75 per cent in 2010, to 41 per cent in 2013, according to Kuoni Travel Group. Accommodation and visa processing services, through its unit VFS Global, contribute a majority of the business for the Kuoni Group.
Zurich-listed Kuoni Group reported a turnover of 3.4 billion Swiss francs (Dh13.47bn) last year, down from 5.6bn francs in 2013.
Last month, Thomas Cook identified a ramp-up of its digital business as vital to its survival because more customers were turning to the web to research and purchase their holidays.
In February last year, Thomas Cook sold Gold Medal, a UK-based distributor of long-haul scheduled flights, hotels and car hire, to dnata for £45 million (Dh251.7m) to cut its losses. The deal included online travel agent netflights.com and Pure Luxury.
The Dubai group also added Stella Travel Services, including TravelBag, Travel2, Sunmaster, Global Travel Group and Triton Rooms brands in September last year.
In 2012, dnata signed a joint venture with Travel Counsellors, which designs holiday packages. The previous year it acquired the major UK online travel agent Travel Republic.
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
More on animal trafficking
APPLE IPAD MINI (A17 PRO)
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Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
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The Baghdad Clock
Shahad Al Rawi, Oneworld
Match info
Costa Rica 0
Serbia 1
Kolarov (56')
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals