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Tags: ML | Saudi Telecom | Careem

Saudi Telecom Co. Buys Stake in Riding-hailing App Careem

Sunday, 18 December 2016 06:24 AM EST

DUBAI, United Arab Emirates (AP) — The Saudi Telecom Co. has bought a 10-percent stake in the ride-hailing app Careem, which is a Mideast competitor of Uber.

The largely state-owned communication firm announced Sunday in a stock exchange filing it bought the stake for $100 million.

Saudi Telecom Co. said the purchase is "in line with the company strategy to invest in the innovative digital world."

Dubai-based Careem, which began operations in July 2012, operates in 11 countries across the Mideast.

This is yet another big investment in ride-hailing apps for Saudi Arabia, an ultraconservative Sunni-ruled kingdom where women are not allowed to drive.

In June, the oil-rich nation's sovereign investment fund announced it would invest $3.5 billion into San Francisco-based Uber. Uber has said 80 percent of its passengers in Saudi Arabia are women.

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 This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
The Saudi Telecom Co. has bought a 10-percent stake in the ride-hailing app Careem, which is a Mideast competitor of Uber.The largely state-owned communication firm announced Sunday in a stock exchange filing it bought the stake for $100 million.Saudi Telecom Co. said the...
ML,Saudi Telecom,Careem
134
2016-24-18
Sunday, 18 December 2016 06:24 AM
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