Al Tayyar says its committed to new tech investments after Careem stake sale

Al Tayyar Travel Group will remain committed to investing in new technology and platforms to enhance and grow its consumer travel business brands, its chief executive Abdullah Aldawood said in a statement after Uber’s acquisition of Careem.

“We believe the region is ripe for the development of other tech-enabled travel services and solutions,” Aldawood further added.

He also noted that ATG’s online travel platforms have grown from almost SAR 40 million in 2015 to more than SAR 2 billion in 2018.

Read: Al Tayyar, STC, Kingdom Holding reveal profits from Careem stake sale

ATG sold its 17.7 percent stake in the Dubai-based ride hailing app in a $3.1 billion acquisition to Uber Technologies.

The net proceeds from the sale will be received partly in cash and partly in convertible notes in Uber, which are subject to the satisfaction of terms and conditions.

The percentages will be accurately determined upon closing the transaction in Q1 2020.

Read: Al Tayyar jumps 9% on Careem stake sale to Uber

As the largest corporate shareholder and one of the earliest investors in Careem, Aldawood affirmed his belief in the company, adding that the firm has facilitated and improved the lives of millions of people.

“It is the largest tech deal in the region and a milestone that will provide the stimulus to grow the digital ecosystem and attract more foreign investments,” he said.