STC to buy 10% of Careem ride app

Careem ride app. (REUTERS)
Updated 19 December 2016
0

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.


Ascott launches Festive50 offer in Jeddah, Turkey

Updated 21 October 2018
0

Ascott launches Festive50 offer in Jeddah, Turkey

The Ascott Limited (Ascott) has announced a special offer across selected properties, in celebration of the festive season.

The Festive50 offer is available across Ascott’s Jeddah properties — including Ascott Sari Jeddah, Ascott Tahlia Jeddah, Citadines Al-Salamah Jeddah and Spectrums Residence Jeddah — as well as Somerset Maslak Istanbul in Turkey. Guests can enjoy 50 percent off their stay until the end of 2018. 

Properties are located close to various restaurants and attractions for travelers to enjoy. The serviced residences also provide guests with a range of facilities and amenities to further aid in their convenience, including fully equipped gymnasiums, swimming pools, lounges, restaurants, parking and meeting facilities.

Ascott Sari Jeddah is located among prominent shopping malls and the Jeddah corniche, a key attraction for visitors to the city. Various entertainment and lifestyle offerings are available in the vicinity, including the tallest fountain in the world, King Fahd’s Fountain.

Ascott Tahlia Jeddah is situated in the heart of the city, providing guests with easy access to many multinational companies, fashion boutiques, restaurants and cafés. 

Citadines Al-Salamah Jeddah, in the north of the city, is surrounded by a variety of culinary hotspots. Given the city’s close proximity to the Red Sea, guests are often spoilt for choice due to the number of top seafood restaurants in the area.

Spectrums Residence Jeddah, on Prince Sultan Road in the Al-Salamah district, is in the vicinity of shopping malls, international schools and hospitals. Its prime location allows travelers to enjoy balanced living in the bustling city. 

Those looking to venture out of the Middle East for a quick escape, can head to Turkey to avail the Festive50 offer at Somerset Maslak Istanbul. The property lies within Europe’s largest lifestyle development, the new Maslak 1453. Providing an oasis of calm in the bustling city, the property is the perfect balance between work and play.

The Ascott Limited is an international serviced residence owner-operator. The Singapore company has more than 55,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 39,000 units which are under development, making a total of more than 94,000 units in over 630 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection and lyf. Its portfolio spans more than 160 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust.