WSJ – Daimler, Saudi Billionaire Invest in Mideast Uber Rival Careem

This is the newest in a series of investments in the personal mobility and ride hailing industries by Daimler, including the Car2Go car-sharing service that operates in many US cities.

June 15, 2017

‘Daimler AG has bought a stake in the main rival to Uber Technologies Inc. in the Middle East, the latest of a series of investments by the world’s largest car makers in the rapidly expanding ride-hailing sector.

The maker of Mercedes-Benz cars took part in the second round of a $500 million fundraising alongside Saudi billionaire Prince al-Waleed bin Talal’s investment vehicle Kingdom Holding Co., Careem said on Thursday. The firm didn’t disclose details, but the transaction values the Dubai-based ride-hailing service at about $1 billion.’

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