Riyadh – Mubasher: Al Tayyar Travel Group Holding Co. expects to receive SAR 1.78 billion ($475 million) in revenues from selling its stake in Dubai-based ride-hailing Careem to Uber Technologies.

The Saudi travel group will receive part of the revenues in cash and the remaining in convertible notes in the US-based ride-hailing app, the firm said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Uber signed an agreement to acquire its Middle East rival Careem for $3.1 billion and the deal is expected to be finalised in the first quarter of 2020.

Al Tayyar Travel, the largest corporate shareholder in Careem, first invested in the Middle East leading ride-hailing app in December 2014.

By 12:52 pm Saudi time, Al Tayyar Travel’s stock jumped 8.83% to SAR 28.35 after Tadawul lifted the suspension of trading on the travel group’s shares.