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Tags: ML | Mideast | Careem | Investment

Saudi Prince Invests $63M in Ride Sharing Service Careem

Thursday, 15 June 2017 11:38 AM

RIYADH, Saudi Arabia (AP) — An investment firm chaired by billionaire Saudi Prince Alwaleed bin Talal has invested $62 million in a Dubai-based ride hailing service called Careem, which rivals Uber in the Middle East.

The Kingdom Holding Company announced the roughly 7 percent acquisition of Careem on Thursday, which also gives it a seat on the ride hailing app's board of directors. Careem is one of just a few local startups to be valued at $1 billion. The five-year-old company localized the idea of Uber by also allowing customers to pay by cash.

The Kingdom Holding Company has a broad range of global investments, including in other technology firms such as Lyft, Uber's competitor in the U.S.

Last year, the Saudi government's sovereign wealth fund invested $3.5 billion in Uber.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
An investment firm chaired by billionaire Saudi Prince Alwaleed bin Talal has invested $62 million in a Dubai-based ride hailing service called Careem, which rivals Uber in the Middle East.The Kingdom Holding Company announced the roughly 7 percent acquisition of Careem on...
ML,Mideast,Careem,Investment
130
2017-38-15
Thursday, 15 June 2017 11:38 AM
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