Industry Newsroom

The Abraaj Group Exits Careem as Part of US$150 Million Investment Round (MENA)

Germany-based carmaker Daimler, Saudi Stock Exchange-listed Kingdom Holding, venture capital firm DCM Ventures and alternative investment firm Coatue Management have invested US$150 million in Dubai-based transportation and ride hailing business Careem. As part of the transaction, global growth markets investor The Abraaj Group, which originally invested in Careem in 2015, has exited its stake in the company. Including shares purchased from Abraaj, Kingdom Holding reportedly invested US$62 million for a 7.11 percent stake in Careem.