Saudi billionaire Alwaleed buys stake in Dubai’s Careem

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.