The Hindu Business Line

Saudi firm to buy 10% in Careem


Saudi Arabia’s largest telecommun­ications firm STC plans to buy a 10 per cent stake in car booking firm Careem, the company said today. Careem is a competitor of US-based Uber, a smartphone app that connects passengers and drivers. In a notice to the Saudi stock exchange, Saudi Telecom Co said the proposed stake is worth $100 million, to be funded by STC’s “internal financial resources.”

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