Lama Group and Carfare announce strategic merger

Lama Group, one of the largest destination management companies in the UAE, and Carfare, a leading privately owned comprehensive mobility solution group, announced the signing of a definitive agreement to merge two premier services in the hospitality industry.
The strategic move will create a combined company worth over Dhs365 million. Both entities will retain their brand names but will operate under BK Group Holdings Co. and will offer complete travel and mobility solutions to more than 2.5million customers of the group.
“Today we are creating the largest merger in the hospitality sector. The expansion of Dubai’s infrastructure in preparation for Expo 2020 has motivated us to take this step and invest for the future. We are combining two dynamic organizations in a rapidly growing industry,” said Mr. Kulwant Singh, CEO and Managing Director of the new Group.
Nearly Dh.50million will be invested in infrastructure projects in the next six months to supply the demand that will be generated after the merger.
“Both our companies have witnessed high growth and success over the years so it made sense to combine our strengths. We will be able to significantly broaden our reach in the UAE and in the region and continue to take substantial market share from existing competitors. This merger gives us the advantage to create a truly global company, a market leader in providing complete traveling solutions for both individual and corporate clients,” said Mrs. Jasbir Bassi, Managing Director of both the Groups.
Both companies will be exhibiting in this year’s Arabian Travel Market (ATM), the Middle East’s largest travel and trade exhibition, from 5th to 8th May 2014, to inform business partners about the merger and seek potential clientele.

Share this post

Leave a Reply

Your email address will not be published.

scroll to top