Al Rajhi Bank, Almosafer form strategic partnership to enhance services for consumers

The signing of the agreement

Al Rajhi Bank and Almosafer, Saudi Arabia’s leading travel company (part of Seera Group), have signed a memorandum of understanding (MoU), to form a strategic partnership. The partnership will enable closer collaboration between the two industry giants in the travel and banking sectors.

Mohammed AlKhalil, Chairman of Seera Group, Waleed Al-Mogbel, Managing Director and CEO of Al Rajhi Bank and senior leadership from both parties attended the signing ceremony in Al Rajhi Bank Head Quarters in Riyadh.

As an extension of an ongoing partnership with Almosafer, the elevated partnership will expand from marketing-led campaigns, to comprehensive integrations across subsidiaries of both parties.

Mr. Waleed Al-Mogbel, Managing Director and CEO of Al Rajhi Bank, said: “Al Rajhi Bank and its subsidiaries are excited to further develop and expand the partnership with Almosafer, as it provides customers with multiple options in the travel and tourism sector, as part of the bank’s endeavor to enrich customer experiences and improve their quality of life.”

Muzzammil Ahussain, CEO of Almosafer, said: “We are incredibly excited about this partnership with Al Rajhi Bank and the unlimited potential it offers. The signing of this MoU will enable Almosafer, and all our businesses, to further enhance our products and services for consumers and partners. As Almosafer continues to grow, we will seek out strategic partnerships to leverage scale and benefit our customers. With Al Rajhi as a key strategic partner, Almosafer has a best-in-class financial powerhouse at its side.”

The new strategic partnership will enable the businesses operating under the Almosafer umbrella, to further enhance customer and partner experiences through multiple areas of digital payments and lending and also, further strengthen organizational ties of Almosafer and Al Rajhi Bank for corporate banking and enhanced financing solutions.

Under the partnership, Almosafer will become a strategic travel partner for Al Rajhi Bank’s Mokafaa loyalty programme, the largest loyalty programme in the Kingdom. By enabling customers to earn and redeem Mokafaa points, Almosafer is supporting Mokafaa’s activities in the travel sector.

Almosafer and Al Rajhi Bank will be further collaborating through Emkan, Al Rajhi Bank’s digital fintech subsidiary, to launch a range of digital financing products, as they integrate services across both Almosafer and Emkan’s mobile applications aimed at allowing customers to easily obtain digital financing for their travel bookings.