Tune Group, a Malaysia-based conglomerate, has joined hands with a prominent Qatari businessman Mohamed al-Saad to set up Tune Middle East with headquarters in Doha.
Tune Middle East will look at investing in a range of business ventures in Qatar, GCC and the entire Mena region, it was announced here yesterday.
Tune Middle East is a joint venture between Tune Group, led by its co-founders, Tony Fernandes and Kamarudin Meranun and their Qatari partner, Mohamed al-Saad.
The promoters said the scale of investments would be decided by the ventures they are taking on in Qatar and the region.
Fernandes said Tune Middle East would “immediately” venture into hospitality and financial services industry in the region.
“We are in a fantastic playground. Qatar is rapidly progressing and there are incredible opportunities here. We have a strong and reliable partner in Mohamed al-Saad,” Fernandes said.
According to Fernandes, Tune Middle East, headquartered in Qatar would be a platform to roll out Tune brands in GCC and The Middle East and to bring skills, investment and marketing opportunities to the region.
Fernandes said, “Tune Group is extremely pleased to be partnering with Mohamed al-Saad; we have the same vision, enthusiasm and motivation, together with a shared belief in the intrinsic value of building businesses. Tune Middle East will be the nucleus for our expansion in Qatar and the Middle East. With a total population of over 40mn among the Gulf Co-operation Council (GCC) countries alone, the Middle East is a vibrant market for Tune to tap into and we look forward to building our businesses here.
“There are some really strong synergies that have brought us to this exciting mutual commitment. Both Malaysia and the UK, where the Tune Group has a strong presence, enjoy superb relations with Qatar. Our philosophy of building business and brands aligns well with HH the Emir of Qatar’s National Vision for 2030, while, to use an aviation metaphor, our multifaceted capabilities mean we can deliver a blend of top class solutions in the Middle East, in Europe and in Asia.”
Al-Saad said, “I am delighted to formally welcome Tune Group to the Middle East and most especially here in Qatar. Tony, Kamarudin and I have been looking at ways to collaborate for some time, not only in the GCC, but further afield in the UK and in Asia. We will ensure that Tune Middle East will be a dynamic entity with a strong, credible reputation in Qatar, the Middle East and on the international stage.”
Fernandes and Meranun are the team behind Asia’s leading and largest low-cost carrier AirAsia.
Tune Group was established in 2007 with the aim of breaking down affordability barriers in various aspects of daily life – via Tune Hotels, Tune Talk and Tune Money. Tune Group’s portfolio today also includes the automotive technology company Caterham Group and the English Premier League team Queens Park Rangers (QPR).
AirAsia eyes Qatar link
Malaysia-based low-cost carrier AirAsia is interested in flying to Doha, Group CEO Tony Fernandes has said.
“We are discussing the prospects with our friend, Akbar al-Baker, Qatar Airways CEO,” Fernandes said in Doha yesterday.
Currently, AirAsia flies to Tehran in the region.
He said there was tremendous potential for a “real low-cost carrier” in the region.“There is a huge Haj / Umrah traffic in the region. We can really cater to that traffic. Currently, the intra-Gulf fares are high. More people will be able to fly frequently, if the fares are reasonable,” said Fernandes, who along with his Deputy Group CEO Kamarudin Meranun, built Asia’s leading and largest low-cost carrier AirAsia.
The once ailing carrier, AirAsia has more than 100 Airbus planes in its fleet now. When Fernandes and Meranun acquired the carrier in 2001, they had just two aircraft. AirAsia services the “most extensive network” with some 148 routes. Within 10 years of operations, AirAsia has carried more than 140mn passengers, he said. AirAsia has established operations based in Malaysia, Indonesia, Thailand and the Philippines, servicing a network stretching across all Asean countries, China, India, Sri Lanka and Australia.
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