Saudi Arabia introduces energy consumption classification cards for cars

File photo showing cars on a road in Saudi Arabian capital Riyadh. (Reuters)
Updated 07 May 2018
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Saudi Arabia introduces energy consumption classification cards for cars

RIYADH: Saudi Arabia has introduced a car energy saving classification for all type of vehicles in the Kingdom.
The classification card will be compulsory for cars registered in 2015 onward in a bid to give consumers all the necessary information
related to fuel consumption and energy efficiency.
The card, which was jointly produced by Saudi Arabia’s energy efficency program in cooperation with other governmental agencies,
classifies vehicles into 6 categories, from excellent down to very poor including rentals and commercial vehicles.
The classification card will also contain essential information related to the car like the manufacturer, make and model and its
consumption, efficiency level and type of fuel needed. Each card is barcoded for security and conformity and reflected in appropriate government data agencies.


Careem looks to raise up to $200 million in China

Updated 20 November 2018
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Careem looks to raise up to $200 million in China

  • Investment bank China International Capital Corporation (CICC) is advising Dubai-based Careem, but it was not immediately clear when or if a deal would be finalized
  • Careem said in October it had secured $200 million in a new funding round from existing investors

HONG KONG: Careem, Uber’s main Middle East rival, is looking at raising between $100 million and $200 million from Chinese investors, a source with direct knowledge of the matter told Reuters.
Investment bank China International Capital Corporation (CICC) is advising Dubai-based Careem, but it was not immediately clear when or if a deal would be finalized, the source said, adding there was a lack of familiarity and interest among Chinese investors in Middle Eastern start-ups.
Beijing-based CICC and Careem both declined to comment.
Reuters reported on Monday that CICC and New York-based investment bank Jefferies were both advising Careem on potential investment options and capital raising, including a possible Middle East M&A deal with Uber.
Careem, which counts German car maker Daimler and China’s largest ride-hailing company DiDi Chuxing among its other backers, competes head-to-head with Uber in most of the major cities in the Middle East.
Careem said in October it had secured $200 million in a new funding round from existing investors, and that it expected to raise more to finance expansion plans.
That investment, combined with previous fund raising and company growth into new markets and segments, gave Careem an estimated valuation of more than $2 billion.
Reuters reported in March that Careem was in early talks to raise as much as $500 million.