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Saudi billionaire Prince Alwaleed bin Talal’s investment vehicle, Kingdom Holding Co., has acquired a 7.11 percent stake in United Arab Emirates-based ride-hailing company Careem, the Tadawul-listed company said in a bourse statement on Thursday.
The deal was valued at $62 million, said on Thursday.
Meanwhile, Dubai-based Abraaj Group said in a statement that it had divested its shareholding in Careem to Kingdom Holding.
Kingdom Holding’s investment was part of Careem’s latest fundraising round for $500 million.
The Saudi firm was joined by German carmaker Daimler AG in Careem’s Series E funding round.
The funds raised will support the Dubai-based firm’s plans for further expansion, it said in a statement.
“This round of funding will promote Careem’s services across the region, deepen its investor base … and accelerate its technological innovation, including the roll-out of its Driverless Pods,” Careem said.
Careem has in the past seen investments from other Saudi firms, such as from Saudi Telecom Company and Al Tayyar Travel Group.
Related News
Careem to use funds for global expansion, says CFO |
Al Tayyar ups stake in UAE’s Careem to 20.9% after capital hike |
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