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.
