The Public Investment Fund of Saudi Arabia agreed to buy a 30% stake in the regional travel agency Almosafer. According to a market filing, the wealth fund, which has $620 billion in assets, will invest SAR1.55 billion ($412 million) with an earn-out value of SAR386 million.
Almosafer is a unit of Riyadh-listed Seera Group.
Under the deal with PIF, Seera’s destination management, Discover Saudi and its Hajj and Umrah travel operator, Mawasim will fall under the umbrella Almosafer.
Almosafer wants to use the investment to finance its expansion goals, which include buying tourism-related goods and assets and improving visitor and customer experiences.
