Saudi travel and tourism company Al-Tayyar Travel Group has announced it will be divesting its investment in Careem Inc, with an exit value of SR1.78 billion ($474.61 million), in connection with the acquisition of Careem by Uber Technologies Inc, a San Francisco-headquartered transportation network company.
Abdullah Aldawood, CEO of Al-Tayyar Travel Group, said: “This is a historic moment for the Middle East tech space. It is the largest tech deal in the region and a milestone that will provide the stimulus to grow the digital ecosystem and attract more foreign investments.
“As the largest corporate shareholder and one of the earliest investors in Careem, we have always been firm believers in the company and its vision to be an enabler on both the economic and social front — and that is exactly what Careem is today, it has facilitated and improved the lives of millions of people. Getting to this point was the culmination of the hard work, determination and forward-thinking vision of the Careem team and the unwavering support and guidance from us at the group.”
Aldawood said he believes the region is ripe for the development of other tech-enabled travel services and solutions, especially in consumer travel.
“Careem is only one of ATG’s success stories, our online travel platforms have grown from almost SR40 million in 2015 to more than SR2 billion in 2018. We are committed to investing in our technology and platforms to enhance and grow our consumer travel business brands Almosafer and Tajawal. We are also leveraging our technology and data to help ease and enhance the journey for the millions of Muslim pilgrims to the Kingdom and professionalize the service in the Kingdom, with our newly launched Hajj and Umrah business,” he said.
The net proceeds from the sale will be received partly in cash and partly in convertible notes in Uber, which are subject to the satisfaction of terms and conditions. The acquisition of Careem’s business in each country is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.
The group first invested in Careem in December 2014 and was one of the early institutional investors in the Middle East, Turkey and Pakistan’s leading ride-hailing service. It has continued to be an active investor supporting the company and its founders. Aldawood has been a member of the board of directors of Careem since December 2014.
Global ride-hailing firm Uber announced this week it will spend $3.1 billion to acquire its Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering.
Al-Tayyar Travel exits Careem in $474m deal
Al-Tayyar Travel exits Careem in $474m deal
Cognite Data Fusion Now Available on Google Cloud in Saudi Arabia
RIYADH: Cognite, a leader in industrial software, announced that its flagship Industrial DataOps product, Cognite Data Fusion, designed to enable customers to seamlessly migrate their data, is now available on Google Cloud in Saudi Arabia.
Collaborating with Google Cloud, Cognite is using artificial intelligence and data analytics to help industrial companies like energy, manufacturing, and logistics industries while providing them with valuable insights, increase efficiency, and drive digital transformation.
Francois Laborie, Executive Vice President, Cognite, said in a press release : "This is a significant milestone in our partnership, and as well as our commitment to the Kingdom. The power of data and AI, from Cognite and Google Cloud, enables industry transformation via solutions that deliver business value to our customers."
Abdul Rahman Al Thehaiban, Managing Director, Middle East, Turkey and Africa, Google Cloud said: By leveraging Google Cloud's scalable and secure infrastructure, Cognite Data Fusion will enable customers to harness the power of their data to make smarter business decisions and accelerate their digital transformation journey."
Cognite Data Fusion is brought to the market by CNTXT, a joint venture between Saudi Aramco and Cognite. Abdullah Jarwan, CEO of CNTXT said "Cognite Data Fusion is poised to revolutionize how the Kingdom’s industries harness insights from their data. Cognite Data Fusion offers world-leading gen AI capabilities tailored for industrial sectors."
Saudi Icon stands out at Future Hospitality Summit
Saudi Icon showcased its comprehensive ecosystem at the prestigious Future Hospitality Summit in Riyadh, in a testament to its pioneering spirit and commitment to innovation. This marked a significant milestone for the company as it continues to redefine the landscape of the hospitality industry.
Established in 2014 as a beacon of excellence in construction and design, Saudi Icon’s presence at FHS underscored its unwavering dedication to providing end-to-end solutions for hospitality ventures. With a diverse range of services in its repertoire, the company has emerged as a one-stop destination, revolutionizing the traditional approach to project execution.
At its core, Saudi Icon is more than just a construction company; it embodies a complete ecosystem designed to streamline the development process from conception to completion. With a robust infrastructure comprising reliable subcontractors and suppliers, Saudi Icon ensures vertical growth while maintaining unparalleled quality standards.
Central to this ecosystem are subsidiary entities specializing in key areas such as steelworks, landscape architecture, aluminum and glass fabrication, wood and millwork, facility management, MEP, and furniture manufacturing. This holistic approach allows Saudi Icon to orchestrate projects seamlessly, minimizing complexities and maximizing efficiency.
Furthermore, Saudi Icon’s ecosystem extends beyond traditional construction services to encompass interior and architectural design, project management, industries, engineering design, furniture, fixture, and equipment procurement, as well as fit-out services. This integrated approach not only streamlines operations but also fosters creativity and collaboration across disciplines.
What sets Saudi Icon apart is its unwavering commitment to delivering added value to the hospitality industry. By leveraging its comprehensive ecosystem, Saudi Icon offers unparalleled agility, flexibility, and scalability to meet the evolving needs of clients. Whether it is designing immersive guest experiences, optimizing operational efficiency, or ensuring sustainable development, Saudi Icon’s ecosystem serves as a catalyst for innovation and excellence.
In essence, Saudi Icon’s participation at FHS signifies a new era of possibility for the hospitality sector. As the industry navigates unprecedented challenges and opportunities, Saudi Icon stands ready to lead the charge toward a future defined by creativity, collaboration, and transformative design. With its integrated ecosystem as its cornerstone, Saudi Icon is poised to shape the hospitality landscape for generations to come.
Jeddah maritime conference urges smart, sustainable growth
The recently concluded International Port and Marine Development Conference in Jeddah has set a new course for the maritime industry, emphasizing smart and sustainable port infrastructure as the cornerstone for global maritime progress.
Saudi Arabia’s commitment to becoming a regional maritime hub was showcased throughout the conference, reflecting its ambitious goals to enhance maritime infrastructure and bolster trade relations with key partners. Notably, the country’s significant rise in global rankings, advancing eight places in annual container throughput, underscores its dedication to advancing maritime capabilities on the international stage.
One of the conference’s focal points was the logistics park at Jeddah Port, slated for completion later this year. This project represents more than mere expansion; it embodies a comprehensive approach to port development, incorporating infrastructure upgrades to meet evolving industry needs.
In an era of digital transformation, the conference underscored the imperative for ports and terminals to adopt a digital mindset to stay competitive. With a shift toward digitization, automation, and decarbonization, operators must embrace technological trends to enhance efficiency and sustainability.
The conference, held from May 6-7 at Jeddah Hilton, brought together more than 200 industry leaders, policymakers, international experts and stakeholders from over 15 countries, to strategize for sustainable industry growth. Discussions focused on green and eco-friendly solutions, with an emphasis on port development, construction, operation, and maritime logistics.
Key topics covered included port infrastructure modernization strategies, container terminal automation challenges and opportunities, innovations in port and marine development, and financing models for port development projects. These discussions provided valuable insights into addressing challenges such as time in port, congestion, delays, and carbon emissions.
“As the maritime industry charts a course toward a smarter, more sustainable future, the International Port and Marine Development Conference serves as a beacon of collaboration, innovation, and progress, propelling global maritime endeavors to new heights,” a press statement said.
Avaya reinforces customer experience solutions for enterprise with Edify acquisition
Avaya, a global leader in customer experience solutions, announced that it has acquired Edify. This acquisition brings advanced, AI-powered customer journey orchestration and workflow capabilities directly into the Avaya Experience Platform, while also bringing world-class engineering talent into Avaya’s engineering organization.
Edify delivers no-code, cloud-native solutions, and the integration of its unique orchestration capabilities into AXP accelerates Avaya’s ability to deliver personalized customer experiences such as task automation, journey orchestration and out-of-the-box CRM connectors. This acquisition underscores Avaya’s commitment to continuous innovation, and to staying at the forefront of the customer experience solutions market.
“The acquisition of Edify is more evidence that Avaya is the innovation leader in customer experience solutions, as we continue to add new capabilities and value for Avaya Experience Platform customers,” said Alan Masarek, CEO of Avaya. “This tuck-in acquisition is additional evidence that Avaya is making investments in technology, people and experience to continue to power the company’s momentum in the market. Equally important is the injection of additional world-class customer experience talent that this transaction brings to our engineering, product and go-to-customer organizations. I am delighted to welcome the Edify team to Avaya.”
“The team and I are delighted to join Avaya,” said Tony Lama, CEO of Edify. “Edify has always been about breaking down business communications barriers both inside and beyond the walls of traditional contact centers.” Joining the Avaya team allows us to continue that mission at an unparalleled scale while advancing Avaya’s innovation without disruption strategy.”
The integration of Edify’s no-code orchestration engine into AXP helps enable businesses to rapidly create and deploy the necessary workflows that connect businesses with customers, making enterprise customer experiences as easy as personal ones.
Creating personalized experiences is paramount to every organization, and even more valuable when companies can design experiences without extensive IT involvement or external resources. Edify’s workflows help users deliver fully automated and assisted customer journeys with unprecedented ease of use. The platform natively includes a host of valuable features including open APIs for seamless integrations to technology partner solutions, and out-of-the-box CRM connections, and AI-powered capabilities like NLU and sentiment analysis.
“With the acquisition of Edify, Avaya is accelerating its ability to bring new workflow orchestration innovation to its customers, as well as additional native AI capabilities,” said Sheila McGee-Smith, president, and principal analyst at McGee-Smith Analytics.
Heritage haven: Riyadh Air to promote AlUla
AlUla, the ancient oasis city in the northwest of Saudi Arabia, has entered into a strategic partnership with Riyadh Air, Saudi Arabia’s new world-class airline that has announced an ambitious target to fly to more than 100 destinations by 2030.
Having signed an MoU at this year’s Arabian Travel Market in Dubai, the partnership will see both entities collaborate on multiple initiatives, the aim being to raise the profile of AlUla and the new carrier to discerning travelers from across Saudi Arabia and around the globe. Ultimately, the partnership will increase tourist volumes to AlUla from key global markets.
Rami Al-Moallim, vice president of destination management and marketing at the Royal Commission for AlUla, said: “Today marks the start of an exciting new partnership for AlUla and Riyadh Air, which has already made a notable impact on the global aviation landscape, notwithstanding its status as a relatively new airline. By working together, we can leverage the growing global excitement about AlUla as the Kingdom’s premier luxury boutique heritage destination while also making a significant contribution to the Kingdom’s broader tourism landscape.”
Osamah Alnuaiser, senior vice president of marketing and communications at Riyadh Air, added: “It’s a privilege for us to sign such an important partnership agreement with AlUla. As a major Saudi tourist destination, the destination already offers such rich and unique experiences to visitors while continuing to enhance its tourism offerings and packages. At Riyadh Air, we have no doubt that with us both working toward a shared goal of increasing travelers’ numbers to the Kingdom, it will only move us toward a positive direction.
“In our short history we’ve made a habit of signing big agreements with world-renowned partners and today is yet another milestone moment for Riyadh Air with us putting pen to paper on a deal with what can arguably be described as the jewel in Saudi Arabia’s tourism crown — AlUla. For us, the work starts now; we have a busy schedule with our maiden flight due to take off in mid-2025 and so there’s no time to stand still. This agreement will see us sharing ideas and platforms with AlUla and we are fully confident that through this partnership we’ll be raising the profile of both the destination of AlUla and Riyadh Air in the coming months.”
The collaboration will see the delivery of multiple initiatives, including seamless and immersive digital experiences across multiple touch points. In addition, both entities will share and leverage data insights to produce refined content and product strategies for optimal campaign performance, enabling both sides to identify trends and behavioral patterns to produce data-driven decision-making and strategies.
Riyadh Air recently celebrated its first anniversary, having signed major agreements and partnerships with global partners. The airline is already playing a key role in contributing to Saudi Arabia’s wider economic diversification and job creation, in line with Vision 2030 goals, as a catalyst for Saudi Arabia’s National Transport and Logistics Strategy. Specifically, the carrier is projected to contribute to the Kingdom’s non-oil GDP growth by $20 billion while directly and indirectly creating more than 200,000 new jobs globally and locally, boosting Saudi Arabia’s tourism in the process, which will be beneficial to AlUla.
