DUBAI Dubai-based ride hailing firm Careem will step up expansion into new markets after raising $150 million from investors, including German carmaker Daimler and Saudi Arabia's Kingdom Holding.
After the fundraising, Careem, an Uber rival operating in 12 mainly Middle East countries, wants to move into new markets in North Africa, such as Tunisia and Algeria, while strengthening its position in Kuwait and Turkey, CEO Mudassir Sheikha told Reuters by telephone.
Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, spent $62 million acquiring 7.11 percent stake in Careem which was partly purchased from emerging markets-focused private equity firm Abraaj Group.
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