Middle East ride-hailing app Careem secures $200 million new funding

Careem says it has 30 million registered users in over 120 cities in the Middle East, North Africa, Turkey and Pakistan. (Reuters)
Updated 18 October 2018
0

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

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.


Abu Dhabi Commercial Bank picks Barclays to advise on merger

Updated 7 min 54 sec ago
0

Abu Dhabi Commercial Bank picks Barclays to advise on merger

ABU DHABI: Barclays has been appointed by Abu Dhabi Commercial Bank (ADCB) to advise on a potential merger plan involving Union National Bank (UNB) and Al Hilal Bank, banking sources told Reuters.
The merger, announced by the banks in September, is the latest consolidation among state-owned companies in the United Arab Emirates’ (UAE) capital.
ADCB, majority owned by the Abu Dhabi government and the second largest bank in the emirate after First Abu Dhabi Bank (FAB), declined to comment. Barclays also declined to comment.
If it goes ahead, a merger of the trio could create an entity with around $113 billion in assets, according to Refinitiv data, and the UAE’s third-biggest lender after FAB and Emirates NBD.
A separate source said two banks could be created out of the consolidation, with the conventional banking units of ADCB and UNB merging to create one lender.
Another could be formed through combining the Islamic banking units of ADCB and UNB, along with Al Hilal.
AlKhaleej newspaper reported the same arrangement was being considered last month, citing sources.
The tie-up was at an early stage, UAE Central Bank governor Mubarak Rashed Al-Mansoori told reporters last week on the sidelines of a conference, adding he expected more consolidation in the future.
FAB was created by last year’s merger between National Bank of Abu Dhabi and First Gulf Bank.
The emirate of Sharjah is weighing a merger between three of its banks — Bank of Sharjah, Invest Bank and United Arab Bank, Reuters reported in September, citing sources.