The Public Investment Fund (PIF) has signed a pact to acquire 30 per cent of local tourism company Almosafer.
The wealth fund is set to invest $412M in the company, which is a unit of Riyadh-listed Seera Group. Under the new 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.
