DUBAI Dec 18 The board of Saudi Telecom Co
(STC) has agreed to buy a 10 percent stake in Middle
Eastern ride-hailing app Careem for $100 million, the kingdom's
biggest operator by subscribers said in a bourse filing on
The transaction, to be financed by the firm's internal
resources, is conditional on meeting all requirements to close
the deal, the filing said without elaborating.
Careem co-founder Mudassir Sheikha told Reuters in September
that the firm was in talks with potential investors about its
latest fundraising round, which would be used to finance its
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.
Launched in Dubai in 2012 by Sheikha and fellow McKinsey &
Co alumni Magnus Olsson, Careem has expanded across the Middle
East, North Africa, Turkey and Pakistan. It has a fleet of
90,000-plus drivers and more than four million users registered
through its mobile app.
(Reporting by David French; Editing by Richard Borsuk)