Saudi Telecom Co. buys stake in riding-hailing app Careem

State-owned communication firm announced it bought the stake for $100 million

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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.

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