AL Tayyar Travel Group, Middle East’s leading technology-powered travel and tourism company, announced that it will be divesting its investment in Careem Inc., with an exit value of SR1.78 billion, in connection with the acquisition of Careem by Uber Technologies Inc., a San Francisco headquartered transportation network company.

Abdullah Aldawood, CEO of Al Tayyar Travel Group, said: “This is a historic moment for the Middle East tech space. 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.”

As the largest corporate shareholder and one of the earliest investors in Careem, we have always been firm believers in the company and its vision to be an enabler on both the economic and social front – and that is exactly what Careem is today, it has facilitated and improved the lives of millions of people. Getting to this point was the culmination of the hard work, determination and forward-thinking vision of the Careem team and the unwavering support and guidance from us at the Group.”

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 acquisition of Careem’s business in each country is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.

The Group first invested in Careem in December 2014. — SG