June 15, 2017 / 7:05 AM / 5 months ago

Saudi's Kingdom Holding buys $62 mln stake in ride-hailing firm Careem

DUBAI, June 15 (Reuters) - Saudi Arabia’s Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Thursday it had bought a 7.11 percent stake in ride-hailing firm Careem for $62 million.

The investment, part of a strategy to invest in technology, would have no material impact on the company’s results and would be reflected in its second-quarter financial statements, Kingdom Holding said in an bourse statement.

Government controlled Saudi Telecom Co. (STC) is also a shareholder in the ride-hailing firm. (Reporting by Alexander Cornwell; editing by Jason Neely)

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