Seera arm signs agreement to set up JV for digital services platform

Logo of Seera Group Holding

Seera Group Holding’s subsidiary, Almosafer Travel and Tourism Co., signed an agreement with Klook Travel Technology to establish a joint venture to set up a one-stop digital platform to provide services for activities, tours, and events.

Under the five-year contract, Almosafer will contribute a minimum of SAR 63 million and a maximum of SAR 116 million, the company said in a bourse statement.

Almosafer and Klook will equally own the joint venture.

Almosafer will contribute to providing administrative support for the JV’s operation in addition to a cash contribution. On the other hand, Klook will provide technical services and technical support.

The agreement is expected to positively impact the financial results at the end of 2022.

There were no related parties in the deal, the statement added.