Listed Rainbow Tourism Group (RTG) has said it is preparing for the post-Covid-19 tourism rebound, with high hopes the sector hardest-hit by the pandemic will in the near future recover.
As part of measures to curb the spread of Covid-19, governments across the globe placed countries under lockdowns, which saw international travel being suspended resulting in massive revenue losses for the tourism and hospitality sector.
The United Nations World Tourism Organisation (UNWTO) estimates tourism receipts worldwide will decline by 58% to 78% in 2020 with recovery expected in the second quarter of 2021.
“The tourism industry was the industry most affected, Covid-19 pandemic,” said group chairman, Arthur Manase, in a statement accompanying results for the six months ended June 30, 2020.
He explained that the Gateway Stream seeks to be a significant player in that space alongside global e-commerce giants in the business of providing access to a diversified range of hospitality and leisure products and services.
“The group will continue to explore the various opportunities presented through its digitisation initiatives as driven by the Gateway Stream,” he elaborated.
“Through the web and mobile application, the group will provide a unified global diversified commercial ecosystem, one that creates ownership of markets with multiple, perpetual residual cash flow streams. These opportunities are all supported by the multi app architecture of the Gateway Stream thereby ensuring value to the various stakeholders.”