Seyaha
سياحة
Jan to Apr 2026 · Issue No. 05
57× YoY
25× YoY
23× YoY
Profitable.
Compounding.
Resilient.
Three themes shaped the first four months of 2026 inside Seyaha.
1. The marketplace closed its first profitable month in April.
2. The enterprise and government desks landed marquee work.
3. A quarter that included Ramadan, Eid, and a turbulent regional backdrop produced the strongest four-month run in the company's history.
Bookings, basket, and the supply chain we feed.
Year-on-year, every input moved in the right direction at the right magnitude.
Five quarters of compounding
Demand depth grew faster than basket size. Basket size still nearly doubled. The compounding underneath those two facts is what produced April's profitability.
Bookings rose from a base of around one hundred in the same period last year to 2,591 in the four months just closed. Platform traffic climbed from forty-four thousand sessions to over a million, with the bulk of that arriving as intent rather than awareness scrolling. The average customer is now spending nearly twice what they did a year ago, a function of the package strategy: a transfer attached to a ticket, a meal attached to a tour, a stay attached to an experience. The net take rate in April closed at 30%, well above the blended plan target.
Period avg, YoY
Period avg, YoY
For every booking that closes on Seyaha, money moves into the Saudi Tourism supply chain.
Where the demand is coming from
Seyaha is an in-destination, post-arrival and domestic engine of seven-in-ten riyals, with the rest sourced pre-arrival from four European Tier-1 markets, three GCC neighbours, one North American market, and one Southeast Asian foothold. This is the geographic mix a destination-marketing playbook is supposed to produce, and it is producing it organically.
Where the corporate and event calendar in Saudi Arabia runs through Seyaha.
Q1 was the quarter the B2B channel went from supplement to revenue line.
The B2B desk handles three buyers at once: corporate clients who need tours, transfers, and experiences for their visiting executives and clients; large events that need ground operations, transfers, and organized tours for hundreds of attendees; and Saudi institutions placing experiential programmes for their guests. Across the nine months from August 2025 to April 2026, monthly enterprise revenue compounded roughly 14×. The pipeline carried into Q2 is the largest the desk has ever held.
Case StudyJadwa Investment · A three-day, in-Kingdom hosting programme for 100+ guests across Hail's landmarks and cultural sites. Designed, contracted, and operated end-to-end by Seyaha.
One hundred guests, three days, every Hail landmark, operated as one programme.
Seyaha was selected by Jadwa Investment to design and run the on-ground experience for a multi-day, high-touch hosting brief covering Hail's heritage, landscapes, and contemporary attractions, with a parallel internal engagement track for Jadwa's senior team. End to end: itinerary design, supplier orchestration, transport, ground hospitality, evening programming, and executive logistics.
The pattern is consistent across these engagements. Seyaha has been approached, and contracted as the operations layer for ground experience, transport, and curated tours, activities, and programming. None of these are one-off wins. Each opens a relationship with a buyer who hosts visiting delegations multiple times a year. That is what turns the B2B desk from a campaign into an annuity.
The partnership with Six Flags Qiddiya City, the PIF-owned anchor attraction, is one such relationship. Seyaha did not enter as a ticket reseller only. It designed new tours and activities around the ticket, co-developed marketing with the Six Flags team, and now operates the bundled stay-and-ticket package distributed to inbound and domestic travellers. The creative below ran as part of the Saudi Tourism Authority's Kingdom-wide campaign, the packages it promoted designed by Seyaha.
Venue PartnershipSeyaha · Six Flags Qiddiya City package campaign · An ongoing collaboration with the Saudi Tourism Authority's "Visit Saudi" (روح السعودية) campaign, that was launched by the STA during the month of April
Working alongside the entities that shape Saudi tourism.
Aligned with the Kingdom's tourism agenda operationally, not just rhetorically.
Strategic Partner · STASeyaha invited to the Saudi Summer Program 2026 workshop hosted by the Saudi Tourism Authority and chaired by H.E. the Minister of Tourism, joining the strategic partner cohort shaping the Kingdom's flagship summer season.
The qualification programme for Makkah's tour guides, designed and delivered with the Royal Commission.
In January 2026, Seyaha designed and ran the Makkah Tour Guide Enhanced Qualification and Training Programme under the Royal Commission for Makkah City and Holy Sites, in alignment with the Saudi Tourism Authority. Of 350 applicants, 50 were qualified across eight working languages (Arabic, English, French, Turkish, Urdu, Indonesian, Japanese, and Spanish), making it one of the most selective and linguistically diverse tour-guide cohorts ever certified for the city.
The Hail Region Destination Management Office contracted Seyaha through Etimad, the Saudi government's procurement platform, to design and operate a multi-day familiarisation programme. Fifteen inbound travel companies were brought to Hail to meet local suppliers across every layer of the tourism stack: transport operators, desert camps, licensed guides, tour operators, hospitality providers, and the souvenir trade. Seyaha sourced the participating companies, orchestrated the itinerary, and executed the on-ground programme end to end. The brief opens a new regional supply layer for inbound buyers and a sustained working relationship with the Hail DMO.
Fifteen inbound companies, six supplier categories, one new regional layer in the network.
A government-procured commission delivered through Etimad. Seyaha handled supplier sourcing, programme design, logistics, and on-ground execution for a multi-day familiarisation trip introducing fifteen inbound travel companies to Hail's full tourism stack.
Official AnnouncementHail Region Development Authority · FAM trip programme dated 18-20 January 2026 · Co-branded with Seyaha as the sole operating partner.
Beyond Makkah (RCMC) and Hail (HRDA), the period saw a sustained cadence of work with the Saudi Tourism Authority. Continuous alignment on direction, product design, and launch sequencing kept Seyaha embedded in the planning cycles ahead of the summer season. The relationships with Aseer Region Development Authority, The Strategic Office for AlBaha Region Development, and Madinah Development Authority programms continued to deepen.
Distribution, concierge, and capital.
The infrastructure compounding underneath the channel wins.
1,000+ Saudi experiences, machine-readable, distributed to every surface a traveller plans on.
The Saudi Experiences API completed build in 2025 and is now in full production. It ships 1,000+ in-destination products (tours, attractions, museums, ticketed venues, transfers) to every major surface a traveller uses to plan and book. Endpoints include GetYourGuide, Viator, Expedia, Civitatis, Headout, the dynamic-packaging engines of TBO and HBX (HotelBeds Group), and Google Maps. Each product ships with structured content, real-time pricing, live availability, and full media assets.
For instance, a supplier onboarded with Seyaha in Riyadh can now have their tours, tickets, or services featured on dozens of channels simultaneously. Leveraging Seyaha's central content management system (CMS), any updates they make to descriptions, pricing, or availability will propagate instantly across all connected platforms, including global and local OTAs, Hotels, Airlines, and mobile apps.
The Saudi Experiences APILocal tour operators upload once. Their products appear on every major global distribution surface, with structured content, live pricing, and real-time availability.
Seyaha's PMS-integrated hotel concierge, now live across the Kingdom and a growing list of global and local brands.
Seyaha's hotel concierge platform integrates directly with hotel property-management systems (Opera and equivalents) and presents tours, transfers, tickets, and activities to guests at multiple touchpoints.
The model is commission-based. Hotels earn a steady ancillary revenue stream with zero operational cost; Seyaha earns direct in-destination demand. The platform expanded into additional properties through Q1 2026 across both global brands and Saudi-domestic chains.
Three touchpoints · One PMS integrationBranded Landing Page. In-room QR codes. Front-desk tablet. All three surfaces sell from the same underlying product catalogue, with bookings flowing to Seyaha for fulfilment.
An in-house payments orchestration stack. And an unsolicited vote of confidence from Stripe.
Most travel businesses outsource payments and accept the consequences. Seyaha built it in-house: an orchestration and FX hedging layer that increases payment acceptance by intelligently routing each transaction to the most reliable gateway (based on issuer geography, currency, BIN, and historical decline rates), and compresses FX spreads by hedging the SAR, USD, EUR, and GBP corridors the business actually transacts in.
The clearest third-party endorsement of the work came from Stripe itself. Unsolicited, Stripe Capital pre-qualified Seyaha for a $172,300 working-capital loan. Stripe sees the company's complete transaction history (volumes, decline rates, refund patterns, growth trajectory) and reaches its capital decisions algorithmically. The offer reflects what those numbers look like from the position of a processor that has no incentive to flatter.
Stripe Capital · Unsolicited Pre-qualificationThe figure of $172,300 is set by Stripe's algorithmic underwriting based on observed transaction volume, decline rates, refund patterns, and growth trajectory.
Seyaha did not apply nor accepted to take the offer, yet.
A quarter with reasons to slow down.
We did not.
Q1 2026 included Ramadan and Eid Al-Fitr, a stretch during which much of the regional travel industry quietly trims forecasts and frames the period as "context, not performance." It also coincided with a turbulent geopolitical backdrop across the region. Both are real. Neither is an explanation we are inclined to offer.
What the four months actually produced:
January GBV $170K,
February $217K,
March $207K,
April $239K. Every month above two hundred thousand. Two of the four (March and April) landing inside Ramadan-affected weeks and the Eid holiday respectively.
April closing as the first EBITDA-positive month in company history.
"Where we operate, every month is the month. Ramadan is not a reason. The regional situation is not a reason. We made March and April our two strongest months precisely because the rest of the industry took the quarter off."
What we are building. What we will not chase.
Seyaha is a for-profit company. Capital deployed here funds supply, distribution, and operations: the three line items that produce the next dollar of margin. For 2026, our strategy remains focused on these essentials: deepening supply, widening distribution, and aggressively growing margins.
While we recognize the industry and media interest in agentic AI booking, AI tour guides, and glamorous consumer-facing travel apps, our decades of experience in global travel platforms lead us to believe these are not the primary margin drivers in the current market. Instead, we have positioned Seyaha as the MCP for Saudi Tours and Experiences.
We have made our products 100% discoverable and bookable by LLMs and AI agents so others can build their solutions on top of our data and logistics infrastructure layer. Notably, nearly 7% of our current bookings originate from ChatGPT, Gemini, and Anthropic Claude. However, we will not launch fancy AI features for the show, or pure promotional purposes unless these features demonstrate a clear, positive impact on our monthly P&L.
What we will be doing: deepening our supply pool, widening distribution across all traveler touchpoints, and aggressively growing our local and global enterprise desks to build long-term annuities.