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Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) appointed a specialized international company to map out a strategic plan for the next five years (2021 - 2025), it said in a board of directors’ report.
Sami Bin Abdulmohsen Alhokair, managing director of the group, said that the prepared strategy – Destinations - approved by the board of directors, aims to cope with the market changes, boost the company's position, and diversify its sources of income.
The strategy is based on the two main pillars, as follows:
- Transformation and growth in main business, including repositioning in the hospitality and entertainment sectors, through focusing on the renovation and development of the company's main sites to fulfill the customer and market demand and support financial performance, as well as adding e-sales channels to enhance the group's position in the market.
- Expansion in areas that stimulate the current business, such as event management, external catering, and cinemas, in addition to diversifying the sources of income through entering into new business such as economic fitness clubs.
The managing director indicated that the company's management already started implementing plans and business, as well as set priorities to achieve the objectives of the strategy in the near term.
He added that the strategy will mainly focus on boosting the quality of services and diversifying them to meet the customer needs and create distinguished entertainment experiences. The company will continue to enhance the financial efficiency and control expenses and costs.
This strategy will mainly be financed from the operating cash flow and the capital increase proceeds, in case of obtaining the necessary approvals, as well as the available Shariah-compliant sources of finance, Alhokair concluded.
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