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 main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
