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Saudi Telecom buys 10% of ride-hailing startup Careem to diversify portfolio

Connectivity BusinessbyConnectivity Business
December 19, 2016
in Investments, Space Services
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Incumbent telco Saudi Telecom is investing US$100m for 10% of Careem, Uber’s main competitor in the Middle East, to diversify its portfolio of services. It is the latest play by a telecoms operator in the ride-hailing app space, coming just months after South Africa’s MTN poured about US$22m into the parent company of Iran-based Snapp. Incumbent telco Saudi Telecom (STC) (TASI:7010) is investing US$100m […]

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Tags: CareemCredit SuisseEtihad EtisalatMiddle EastMobilyMTNPremiumSnappSTC (Saudi Telecom Company)TF251Zain KSAZain Saudi Arabia
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