News Desk
ABU DHABI: Nirvana Travel and Tourism Company, one of the leading travel and tourism management companies in the United Arab Emirates, announced that it has been awarded the Adam Smith in the category “Best-in-Class Treasury Solution in the Middle East” in recognition of its outstanding efforts in creating unique financial solutions to enhance its capabilities to meet the travel requirements for customers and businesses that have increased dramatically following the reduction in global travel restrictions post the Covid-19 pandemic. This unprecedented demand has accelerated the company’s sales growth, which was growing at a healthy rate pre-pandemic.
However, this increase in demand has put great pressure on the company’s operations management and cash flow. With the fortnightly payments to the International Air Transport Association (IATA) having to be made without any delay, and a longer collection period from customers. Which in return required an increase in the guarantees by the International Air Transport Association.
Accordingly, Nirvana’s financial management team worked closely with its strategic partners such as Citi, MasterCard, Abu Dhabi Commercial Bank, Emirates Airlines, and Etihad Airways to devise a financial solution that relies on integrating the existing financial structure and the virtual credit card solution to reduce the pressure on its existing cash flow. Nirvana has designed this solution to facilitate and improve operational efficiencies and liquidity in addition to enhancing the company’s profits.
The travel and tourism sector has witnessed a significant increase in demand after the pandemic, which prompted the financial management team at Nirvana to financially re-strategize.
Commenting on this award, Mr. Sultan Boudargham, Chief Financial Officer at Nirvana Travel and Tourism Company, said: “We are very proud of this recognition, which reflects our commitment to excellence in the tourism sector. This award is a testament to the dedication of our team and the importance of the strategic partnerships we have built with leading organizations in the travel & tourism and banking sectors. Despite the challenges that followed the pandemic, we remained committed to providing an exceptional travel experience to our dear customers.
The successful implementation of this innovative financial solution not only assisted Nirvana in efficiently adopting with the global landscape after the pandemic, but also made the achievement a benchmark in the financial sector. With the increasing demand for travel, Nirvana Travel & Tourism remains steadfast and loyal in its pursuit of excellence, offering unparalleled travel experiences while maintaining first-class financial management.
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