Saudi Arabia’s Public Investment Fund (PIF) signed a pact to acquire 30 percent of local tourism company Almosafer.
The wealth fund, which has $620 billion in assets, will invest 1.55 billion riyals ($412 million) with an earn-out amount of 386 million riyals, according to a bourse filing.
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 aims to use the investment to fund its expansion plans, including investing in tourism assets and products, as well as enhancing customer and tourist experiences.
