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Abraaj Group exits entire stake in Careem

Abraaj Group exits entire stake in Careem
Careem is operational in more than 50 cities in Saudi Arabia
KINGDOM
4280
3.80% 7.37 0.27

Dubai – Mubasher: The Abraaj Group has sold its stake in ride-hailing service Careem to Saudi Arabia's Kingdom Holding Co., according to a statement.

Kingdom Holding acquired a 7% stake in Careem through a secondary share purchase as well as participating in the latest Primary Round E-1 Capital Raise amounting to a total transaction value of $62 million.

Careem launched operations in Turkey, doubled its number of operational cities in Pakistan, is operational in more than 50 cities in Saudi Arabia and has re-entered Abu Dhabi and Sharjah.