The board of government-controlled Saudi Telecom Co (STC) has approved the investment of $100M in the ride-hailing app Careem, Reuters reports. The investment comes six months after the Kingdom's sovereign wealth fund invested $3.5 billion in Uber Technologies, a rival app.
Launched in Dubai in 2012 by Sheikha and Magnus Olsson, Careem has expanded across the Middle East, North Africa, Turkey and Pakistan.
According to Bloomberg, Careem has a fleet of 90,000-plus drivers and over four million users registered through its mobile app.
STC already has a stake in Careem through STC Ventures, an independently managed venture capital fund of which STC is an anchor investor, according to Careem’s website.
Earlier this month, Careem announced an expansion strategy aimed at 15 cities across the Middle East.
