Kingdom Holding Hikes Investment in Careem by $200 Million
Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has injected $ 200 million in Careem as one of the largest shareholders of the company.
The investment in Careem is a continuation of the company’s strategy to invest in new promising technologies as it recently did with its recent investments in the French company Deezer, and doubling its stake in the US company Lyft, in addition to its investments in both Twitter and JD.com.
Earlier, in 2017, Kingdom Holding Company had acquired 7% of Careem in a deal worth $62 million.
Careem is the leading technology platform for the greater Middle East. A pioneer of the region’s ride-hailing economy, Careem is expanding services across its platform to include payments, delivery and mass transportation.
Established in July 2012, Careem operates in more than 120 cities across 15 countries and has created more than one million job opportunities in the region.