Dubai: A Dubai government-backed investment company has obtained the licence to use the Thomas Cook brand in the Middle East as well as bought Thomas Cook Overseas Ltd and Thomas Cook Lebanon.
Dubai Financial (DF), a subsidiary of Dubai Investment Group (DIG) the global financial investor of Dubai Holding, made the acquisitions but gave no financial details. Earlier this year, Dubai Financial acquired Thomas Cook (India) Ltd.
Thomas Cook Overseas Ltd (TCO), a 100 per cent subsidiary of Thomas Cook UK Ltd, bundles the group's activities in Egypt. Thomas Cook has had a long history with Egypt dating back to 1869.
Thomas Cook Lebanon, founded in June 2004, operates a travel agency and a currency exchange in Beirut. The Lebanon operations conduct corporate and leisure travel, inbound travel and foreign exchange services including money transfers and travellers cheque transactions.
Soud Ba'alawy, CEO of DIG, said: "The acquisitions complements our investment in TCIL, as we implement our growth strategy beyond the subcontinent under the Thomas Cook brand. Innovators in foreign exchange, Thomas Cook's strong business-to-consumer brand and global footprint will help drive Dubai Financial's presence in the travel and financial services industry.
"The company has an in-depth understanding of the Middle East region, which perfectly complements our strategy to strengthen the regional presence of Dubai Financial," added Ba'alawy.
In January 2006, Dubai Financial acquired Thomas Cook International Markets, UK, which gave it a controlling interest in Thomas Cook India, Mauritius and Sri Lanka and licences to operate in Pakistan, Nepal and Bangladesh.
Thomas Cook AG's main business is the sale of package holidays, components and services that are tailored to customers' specific requirements, utilising the full breadth of its sales channels.
Dubai Financial has the licences for using the Thomas Cook brand for leisure, inbound and outbound businesses, corporate travel management and financial services in Bahrain, Oman, Qatar, UAE, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Palestine, Saudi Arabia, Sudan, Syria and Yemen.
