RIYADH: Saudi travel agency Almosafer has partnered with Hong Kong’s Klook Travel Technology to establish a joint venture for digital travel services.
The joint company, in which the Almosafer will contribute up to SR116 million ($31 million), comes as both parties aim to create a one-stop digital platform for activities, tours, and events, according to a bourse filing.
The five-year deal will see the Saudi-based agency provide administrative support for operations as well as monetary injections.
Klook will be responsible for offering technical support and solutions for the new company.
As per the deal signed on Feb. 17, the JV will be equally owned by both companies, the homegrown agency said in a statement.
Almosafer, which is a unit of Seera Group, expects the transaction to have a positive impact on its financial statements by the end of 2022, it added.
