Saudi Telecom Co (STC) has agreed to pick up a 10 per cent stake in ride-sharing app Careem. The country’s largest telecoms operator by subscribers will spend $100 million (Dh367.5 million) in the deal, which was confirmed in a Sunday bourse filing.
This isn’t the first Saudi investment in Careem. STC Ventures, STC’s venture capital fund, was part of a consortium led by the UAE’s Abraaj Group to put $60 million into the ride-sharing app last year.
This summer, Saudi Arabia’s sovereign wealth fund bought a $3.5-billion stake in Uber.
#GNTECH has reached out to Careem and STC representatives. We’ll keep you posted on any updates.