Riyadh – Mubasher: Saudi-based Al Tayyar Travel Group Holding aims to expand its online businesses in a bid to diversify revenue sources.

The Saudi Arabian tourism operator is looking for new income sources after the end of a government deal for providing travel services to students in 2018 which accounted for about a third of total bookings, Bloomberg reported on Monday.

Al Tayyar proposed a 43% capital top-up to SAR 3 billion by issuing bonus shares as part of its transformation plan. 

Earlier in March, US-based Uber Technologies was reportedly in advanced talks with Careem Networks to acquire the Dubai-based ride-hailing company in which Al Tayyar owns about a 15% stake, according to estimates by analysts at Arqaam Capital.

“Companies are always in discussion to raise funding, but [Al Tayyar’s] key focus is on [its] business and how to grow further and how to deliver better value,” the Saudi firm’s CEO Abdullah Al Dawood said in an interview last week.

Al Tayyar previously reported a loss of SAR 142 million ($37.86 million) after calculating Zakat and Tax in 2018, against SAR 489 million ($130.37 million) in net profits in the prior year.

By 3:10 pm Saudi time, Al Tayyar’s stock grew 0.59% to SAR 25.70.