Daimler, Saudi billionaire invest in Uber-rival Careem

DUBAI • Saudi billionaire Prince Alwaleed Talal (picture) has joined Daimler AG, the world’s biggest luxury-car maker, as an investor in a US$500 million (RM2.13 billion) fundraising by a Dubai-based ride-hailing company.

Alwaleed’s investment vehicle, Kingdom Holding Co, will get a seat on Careem Networks FZ’s board as part of the deal, Careem said in a statement. DCM Ventures and New York-based Coatue Management LLC also took part in the second round of fundraising, which valued the company at US$1 billion, the ride-hailing company said.

Careem raised US$350 million from investors including Japan’s Rakuten Inc and Saudi Telecom Co when it announced the results of its first round of fundraising in December. — Bloomberg