Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
One of the selling points of travel booking websites when they were first established was to remove some of the overheads customers paid to traditional agencies, with their high street stores and the agents manning desks. But the online travel agents themselves have become powerful middlemen in their own right, consuming a growing share of revenues earned by hotels, according to the founder of UAE-based start-up Tratok Portal.
The company is using blockchain technology in an attempt to disrupt the $7.6 trillion global travel and tourism industry, which contributes almost 12 per cent of global gross domestic product but has suffered greatly due to Covid-19, according to the World Travel & Tourism Council.
“The global travel industry got too complacent and stopped thinking outside the box. Increased dependence on online travel agents and aggregators have resulted in diminished revenues,” says Mohammed Altajir, founder and project custodian of Tratok. “Stakeholders stopped looking at new revenue streams and ultimately paid the price. The onset of Covid-19 has necessitated disruption and increased the industry’s willingness to experiment with new booking models.”
One of the problems Tratok is attempting to solve is a lack of transparency in pricing, Mr Altajir says, with the total cost of a trip not usually displayed until the payment stage. Also, due to fluctuations in currencies, purchases in a non-local currency can make a big difference in the amount a consumer pays. Tratok is promoting the use of a token that cuts out the need to pay conversion fees and minimises the risk of exposure to currency fluctuations.
Increased dependence on traditional online travel agents and aggregators have resulted in diminished revenues
“By leveraging a blockchain ecosystem, you can cut out middlemen and reduce the cost of bookings, while at the same time allowing service providers to realise superior profits,” Mr Altajir says.
Online travel agencies currently take up to 30 per cent of hotel revenues and can charge “outlandish” membership fees, he adds.
“They will seize a fixed amount of your inventory, force rate parity and delay your trade receivables by 90 to 180 days,” Mr Altajir says. “All of this is not sustainable for an industry that has gone through challenges and needs to rebound. This is not only hurting service providers but also their employees, who are being asked to take a salary cut, unpaid leave or are being laid off.”
The Tratok token can be used to make bookings for travel and tourism services such as flights, travel, accommodation, car rentals, experiences and activities, Mr Altajir says. Customers can also purchase cruise liner packages from the portal in the first quarter of 2021, he adds.
In October, the company performed pilot tests for booking UAE hotels with tourist groups from Europe. The tourists reported average cost savings of 5.2 per cent on their booking, the hotels increased their margins by 28.2 per cent and received the payments made by customers instantly.
The marketplace ranks a user with a service provider based on their requirements and interests using machine learning algorithms. It levies a 1.5 per cent commission for every successful transaction. Tratok has nearly 2 million verified users and is currently onboarding 1.2 million rooms in 153 countries. Around 60 per cent of its nearly 2 million users are from Europe, while others are from markets in South-East Asia.
“Our original plan was to have 50,000 keys in the UAE by June 2021 and a further 200,000 in the eurozone and then expand from there,” Mr Altajir says. “By the end of September, we already had 1.2 million rooms. So, we have already smashed our targets. We have around 11,000 hotels in the ecosystem.”
The possibility for customer fraud is minimal on Tratok because everything is verified by blockchain, according to Mr Altajir. The portal will soon add a range of benefits to the ecosystem, such as free airport pick-ups for every fifth random booking or free beverages or a spa treatment for every 10th booking.
The company, which is registered in Dubai and is in the process of opening at the Abu Dhabi Global Market, employs 36 people, both directly and indirectly, and plans to hire more employees this year.
“With blockchain, you can perform tasks with far less resources,” Mr Altajir says. “Our team will concentrate on marketing. Initially, we want to target blockchain enthusiasts. There are currently 105 million such people in the world and they have access to more than $800 billion worth of liquid resources to deploy. We will also target Gen Z because they are good at adopting new technology.”
So far, the company has been privately funded by its founders, who have spent $2.9m on the concept, development, penetration testing and enhancing security features.
“This is what separates us from the rest of the industry. A lot of people capitalised on the cryptocurrency mania to exploit the public. Several blockchain start-ups raised money from the public through token sales, which are often illegal, and spent it on marketing,” Mr Altajir added.
The tokens they have issued have benefited from the surge in value that many cryptocurrencies have witnessed, increasing in value by almost 500 per cent last year, giving the amount of tokens in issue a nominal value of $2.8bn.
Q&A with Mohammed Altajir, founder and project custodian of Tratok Portal
What is the next big dream you are looking to make happen?
We have already implemented a dot-org portal for Tratok. We want to do more not-for-profit and company-sponsored subsidised travel for charitable causes. This includes, for instance, travel for medical treatment, taking lesser privileged children for training to a soccer camp, etc. We have already set up the framework for this.
What new skills have you learnt in the process of launching Tratok?
People management and patience.
Who is your role model?
Sheikh Rashid Bin Saeed Al Maktoum for what he did as a state architect. Some of his earlier initiatives such as the dredging of Dubai Creek and the Jebel Ali Port took a lot of vision and courage at the time. They all paid off.
Where do you see yourself after five years?
Ringing the bell to launch Tratok’s initial public offering.
If you could start all over again, what would you do differently?
I would have been less shy about approaching government entities and tourism boards here. They facilitate ease of doing business. Don’t be afraid to reach out to them if you have a good idea. They don’t merely preach the mandate to empower UAE-based enterprise, they practise it.
What already successful start-up do you wish you had started?
Rovio Entertainment, the creator of Angry Birds. It’s simple and unique yet brings a smile to so many people’s faces.
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
ARSENAL IN 1977
Feb 05 Arsenal 0-0 Sunderland
Feb 12 Manchester City 1-0 Arsenal
Feb 15 Middlesbrough 3-0 Arsenal
Feb 19 Arsenal 2-3 West Ham
Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
Mar 01 Everton 2-1 Arsenal
Mar 05 Arsenal 1-4 ipswich
March 08 Arsenal 1-2 West Brom
Mar 12 QPR 2-1 Arsenal
Mar 23 Stoke 1-1 Arsenal
Apr 02 Arsenal 3-0 Leicester
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
MORE ON THE US DEMOCRATIC PRIMARIES
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO
Liverpool v Manchester City, Sunday, 8.30pm UAE
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
