STC board approves $100m investment in Careem

Saudi telco eyes 10% stake in ride-hailing app Careem
Acquisitions, Apps, CAREEM, Innovation, KSA, STC board approves $100m investment in Careem

Share

STC has agreed to buy a 10% stake in regional taxi-haling app Careem for $100 million, the telecom group said in a posting on the Saudi bourse website.

The deal, which will be funded from STC’s internal financial resources, is conditional on meeting all requirements to close the deal, the bourse filing said.

“This move is in line with the company strategy to invest in the innovative digital world, which helps the company to provide additional valuable and innovative products and services to their valued customers and to enhance communication via mobile within the transport system,” the bourse statement added.

Careem was established in 2012 and has operations available in 47 cities across the Middle East and North Africa, Turkey and Pakistan.

STC already has a stake in Careem through STC Ventures, an independently managed venture capital fund of which the Saudi telco is an anchor investor, Reuters reported.

 

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story