Dubai: Abu Dhabi’s ADNEC Group – operator of the biggest conference and exhibition venue in the emirate - has bought Karavel, a French tourism group. It was acquired from Equistone Partners Europe, a mid-market private equity investor.
The ADNEC Group’s tourism related portfolio already includes Tourism365 and its subsidiaries Capital Experience, Capital Travel, Capital Holidays, Etihad Holidays and Capital Drive.
The entity had been looking at greater visibility outside of its home market, which is where Karavel comes in.
“We see great synergies between our European and Middle Eastern tourism offerings, promoting cross-cultural holiday exchange, and will work closely with to enhance our cluster and create a champion for tourism in Abu Dhabi,” said Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC.
“Karavel’s history of success in delivering tours and holidays to customers in France across destinations in Europe and the Caribbean, complements ADNEC Group’s ambitions for growth in Europe where we already have a presence.”