Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

PIF to buy stake in Seera

As part of the deal, Seera’s destination management subsidiary Discover Saudi and its Hajj and Umrah operator Mawasim will fall under the umbrella of Almosafer. (Travel Daily)
By TRENDS Desk
September 14, 2022 10:39 am
  • Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
  • Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom

Riyadh, Saudi Arabia— The Public Investment Fund of Saudi Arabia has signed a non-binding deal with Seera Group to acquire a $1 billion stake in its travel unit Almosafer.

Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital.

As part of the deal, Seera’s destination management subsidiary Discover Saudi and its Hajj and Umrah operator Mawasim will fall under the umbrella of Almosafer.

The proposed transaction is a strategic milestone in Seera’s pioneering transformation plan announced in 2017, to strengthen the group’s businesses and enhance long-term value for shareholders, the group said.

Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]