Saudi Telecom Co. buys stake in riding-hailing app Careem
State-owned communication firm announced it bought the stake for $100 million
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 on 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. In June, the Kingdom's sovereign investment fund announced it would invest $3.5 billion into San Francisco-based Uber.