Kingdom Holding announces purchase of 7% of Karim for $ 62 million

Jun

15

2017

This transaction will make KHC the largest shareholder in Karim.
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Kingdom Holding Company (KHC) , which is headed by Prince Alwaleed bin Talal, announced that it has acquired 7% of Careem in a deal worth 232.5 million riyals ($ 62 million), an extension of the company’s strategy to invest in modern technology.

The deal includes investing in raising the capital of Karim, as well as buying a market share in the company, bringing the total ownership of Kingdom Holding Company 7%, the Saudi-based company said in a statement.

The deal will make Kingdom Holding a major shareholder in Karim, and will give the company a seat on the board of directors of the leading transport services company in the region.

Eng. Talal Ibrahim Al Maiman, CEO of KHC, said: “Our investment in Karim is an extension of KHC’s new technology investment strategy as we have done with our investments in Toter, JD.com and Lyft.”

Al-Maiman pointed out that Karim has excellent growth prospects in the future and is “an example for successful regional companies, by providing job opportunities for the Saudi citizen and developing talent.”

Talal Mohammed Al Maiman added: “KHC has nominated Mohammed Fahmi Sulaiman, Chief Financial and Administrative Director, to represent the company on the Board of Directors of Karim.”

Karim has grown rapidly over the past six months with delivery services available in more than 80 cities worldwide. Kareem has embarked on Turkey’s passenger participation, while the number of cities in Pakistan has doubled and is available in more than 50 cities in Saudi Arabia and in Abu Dhabi and Sharjah.

In addition to its expansion in the region, Kareem has launched a number of benefits, such as merging its services with Google Maps, Digital Barriers, which specializes in surveillance technology and facial recognition, and collaborating with the RTA to activate the application application using the application, As well as the global expansion through the use of Splyt sharing sharing technology by enabling users to easily communicate with electronic platforms in Russia and China.

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