Al Tayyar Sharpens Travel Focus as Talk of Uber Deal Lifts Stock - Bloomberg

Al Tayyar Sharpens Travel Focus as Talk of Uber Deal Lifts Stock - Bloomberg:

Al Tayyar Travel Group Holding will focus on expanding its online businesses as the Saudi Arabian tourism operator seeks to diversify revenue sources.

The company has been focusing on finding new revenue and profit streams since the end of a major government contract to provide travel services for Saudi students last year, which alone was responsible for nearly a third of total bookings.

The travel group’s stock extended gains on Monday after Bloomberg News reported that Uber Technologies Inc. is in advanced discussions to buy Dubai-based ride-hailing service Careem Networks FZ, a company in which Al Tayyar invested in back in 2014. Analysts at Arqaam Capital estimate the Saudi company owns almost 15 percent in Careem.