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

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… see more

source: alarabiya.net

You may be interested

Looking into The Future: Elements of Change in the Housing Market
Business
0 shares4 views
Business
0 shares4 views

Looking into The Future: Elements of Change in the Housing Market

Newsmaster - Apr 24, 2017

The American dream has always been homeownership. Homeownership provides stability and a sense of pride. For many years the dream…

Centrist Macron, far-right Le Pen advance to French presidential runoff
Politics
0 shares19 views
Politics
0 shares19 views

Centrist Macron, far-right Le Pen advance to French presidential runoff

Newsmaster - Apr 23, 2017

PARIS — Centrist former economy minister Emmanuel Macron and far-right nationalist Marine Le Pen will advance to the May 7…

Smart Home Vulnerabilities and How to Combat Them
Business
0 shares23 views
Business
0 shares23 views

Smart Home Vulnerabilities and How to Combat Them

Cary Teller - Apr 23, 2017

There are many systems that exist today to make homes safer. They are supposed to make people's lives easier and…

21