Saudi Telecom Co. buys stake in riding-hailing app Careem
DUBAI, United Arab Emirates — 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 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.