The company said in a press statement that the exit comes as part of a historic acquisition of Karim by the American company Uber, which is specialized in transport services via smart applications.
Commenting on the exit, Abdullah Al-Dawood, CEO of Al-Tayyar Group, said: Today we are witnessing a crucial historical moment for the technology sector in the Middle East, as this deal constitutes the largest investment deal in This sector is at the regional level, and it is one of the most important achievements that will stimulate the growth of the digital system and attract more foreign investment.
Al-Dawood continued: As the largest shareholder in Karim and as one of the first investors, we were always among the most supportive of the company and believed in its innovative vision to create a qualitative shift in the region and improve the lifestyle of people Everyday economically and socially, Karim has already succeeded in accomplishing it today as it has facilitated the lives of millions of people in our region.
He added: The region is now ready to launch new and innovative services and solutions based on technology, especially those that open horizons and opportunities for the development of tourism and travel experiences that we offer to consumers, which is what we focus It is our effort today.
He explained that the group’s investment in Karim is one of the successful expansion steps undertaken by the group, in addition to many successes and accomplishments during the past years as the size of the electronic travel platforms affiliated We have from about 40 million riyals in 2015 to more than two billion riyals in 2018.
According to the statement of the group, the net proceeds from the acquisition will be received in cash and through convertible bonds in accordance with the terms and conditions.
It is reported that the pilot first invested in Karim in December 2014, and was one of the first institutional investors in innovative transportation services via smart applications in the Middle East, Turkey and Pakistan. The group then continued its investments to support Karim and its founders, and Abdullah Al-Dawoud has been a member of Karim's Board of Directors since December 2014.
