Team shortlist15 Jun 2017 AT 04:40 PM

Saudi billionaire makes investment in Careem worth $62 million

The ride-hailing app just got a serious boost
Team shortlist15 Jun 2017 AT 04:40 PM
Careem, News
© Shutterstock
Careem, News
© Shutterstock

Dubai-based taxi-hailing app Careem has just had a huge boost to its finances. Kingdom Holding Company, an investment company chaired by Saudi billionaire Prince Alwaleed bin Talal, has just acquired a stake in the app.

Kingdom Holding Company now owns seven percent of Careem through secondary share purchase, which makes it one of the largest shareholders and gives the company a seat on the board of directors.

This news, along with the fact that they are participating in the latest funding round, means that the total value of the deal is $62 million.

CEO Talal Ibrahim Al Maiman said: “Our investment in Careem is a continuation of our strategy to invest in new technologies as we have done with our investments in Twitter, JD.com and Lyft.

"As the leading ride hailing company in the region, and positioned with excellent growth prospects, Careem sets an example for regional businesses by providing employment opportunities to locals and developing talent.”

He added: “KHC has nominated its current CFO Mohamed Fahmy Soliman to represent KHC on Careem’s board.”

According to Arabian Business, this brings Careem’s estimated value to more than $1 billion.

Careem has been going from strength to strength over recent years, attracting more users to the app with new initiatives. One of these means that you can collect air miles every time you use the taxi-hailing app.

And that’s not all – you can pay for Careem with air miles too. 14,000 miles gets you AED100 in Careem credit.

In order to set it up, open your Careem app and go into ‘Earn rewards with partners’. Select ‘Loyalty Program’, then ‘Air Miles’ and enter your Air Miles ME membership number. If you’re not registered already, you can do that here.

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