STC to buy 10% of Careem ride app

Careem ride app. (REUTERS)
Updated 19 December 2016
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STC to buy 10% of Careem ride app

JEDDAH: Saudi Arabia’s largest telecommunications firm Saudi Telecom Company (STC) has bought a 10-percent stake in the ride-hailing app Careem, which is a Mideast competitor of Uber.
The state-owned communication firm announced Sunday in a stock exchange filing it bought the stake for $100 million. The investment is the latest high-profile Saudi venture since Riyadh in April announced its Vision 2030 plan to diversify the oil-dependent economy and broaden its investment base.
The STC said the purchase is “in line with the company strategy to invest in the innovative digital world.”
Dubai-based Careem, which began operations in July 2012, operates in 11 countries across the Middle East.
This is yet another big investment in ride-hailing apps for Saudi Arabia.
Uber announced in June that Saudi Arabia’s Public Investment Fund would inject $3.5 billion to help the app’s global expansion. Its rival Careem was founded in 2012 and has operations in 47 cities across the Middle East, North Africa, Turkey and Pakistan, STC said.
In July, Careem announced a new research and development (R&D) strategy and plans for global expansion.
Over the next five years, Careem will invest $100 million in research and development, which includes growing its team in the UAE and Pakistan, and opening new R&D centers in Egypt and Germany.
“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups,” said Magnus Olsson, co-founder and chief navigator, Careem.
“These startups are using technology to improve the lives of people in the region. Careem is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on research and development,” he added.
STC is the largest Arab telecommunications firm in terms of capitalization. It has more than 100 million customers in nine countries including Turkey, South Africa, India and Malaysia.


Cartier unveils Coloratura at historic Riyadh palace

Updated 13 February 2019
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Cartier unveils Coloratura at historic Riyadh palace

Guests of Cartier were treated to an unforgettable evening at the late King Faisal’s palace Qasr Al-Maather, situated in the heart of the Alfaisal University in Riyadh, as the maison unveiled its latest high jewelry collection Coloratura. 

The evening was held under the patronage of Princess Maha bint Mishari, vice president of external relations and advancement at Alfaisal University. In her opening remarks, she said: “The new friendship between maison Cartier and Alfaisal University is about the shared values and goals that we have in the areas of education and the empowerment of women.”

Princess Maha added: “Cartier’s global efforts as well as the great heart and commitment of the entire Cartier team were so very apparent in the spectacular exhibition created, as evidenced by the great care taken in preparation of the historic venue for the evening’s event.” 

Coloratura took the guests on a journey to the four corners of the globe, symbolic of Cartier’s long-standing relationship with India, Africa and the Orient. With dynamic stone pairings, unexpected color palettes and the illusion of infinite movement, Coloratura also featured exclusive pieces, created by Cartier especially for its Saudi clients.

Held in one of the Kingdom’s most iconic building, Coloratura was presented in conjunction with an exhibition of pieces from the Cartier Patrimony Collection, especially flown in for the occasion and illustrating the maison’s main creative influences throughout its history. A key piece of the exhibition was the Asma Allah Al-Husna bracelet, featuring a 19th century Islamic arts inspired creation.

“The legacy of the House of Cartier is ensured through the brilliance of its artisans, as is the legacy of Alfaisal ensured through that of its students. Shared values, mutual interests, and a commitment to education are what binds this collaboration for now, and for success in all its future endeavors to come,” said Princess Maha.

The guests witnessed and appreciated Cartier’s mastery of fine craftsmanship through pieces from the Tutti Frutti collection. A marriage of texture, color and form with sapphires, rubies and emeralds, Tutti Frutti possesses a unique style that dates back to the 1920s. 

“After Paris, Tokyo and Seoul, we are proud to offer our Saudi clients this stunning showcase of Cartier’s know-how in their home country,” said Alban du Mesnil du Buisson, managing director Cartier Saudi Arabia. 

“We are very pleased to have our event open to the public on one of the exhibition days, and truly honored to host it inside this unique and culturally significant structure that symbolizes the Kingdom’s commitment to nurturing and educating its community and youth — a philosophy that echoes Cartier’s values,” he added.