DUBAI: Middle East ride-hailing company Careem said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal’s Kingdom Holding.
Dubai-headquartered Careem, the main regional rival of Uber Technologies, has expanded into new markets this year such as Sudan and has been trialing food delivery services since February.
The $200 million was the first close of a funding round in which it expects to raise over $500 million, Careem said in a statement.
The $200 million raised from existing investors also includes Saudi Arabia’s Al Tayyar Group and STV, and Japanese e-commerce company Rakuten, Careem said.
It was not immediately clear what Careem’s valuation would be after securing the latest funding. It was estimated to be worth about $1 billion as of December 2016.
Reuters reported in March Careem was in early talks to raise as much as $500 million from investors.
Careem, founded in 2012, says it has 30 million registered users in over 120 cities in the Middle East, North Africa, Turkey and Pakistan.
Careem has previously raised funding from German car maker Daimler and China’s largest ride-hailing company DiDi Chuxing, among others.
Middle East ride-hailing app Careem secures $200 million new funding
Middle East ride-hailing app Careem secures $200 million new funding
- Careem has expanded into new markets this year such as Sudan and has been trialing food delivery services since February
- Careem, founded in 2012, says it has 30 million registered users in over 120 cities
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
