Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business

Tesla’s first Saudi showroom opens

The opening in Riyadh comes with Tesla sales dropping.

Mubadala Energy enters US energy market

Acquires a 24.1% interest in US firm Kimmeridge’s SoTex

Borouge to increase dividend from 2025

The company okayed $650 million final dividend for 2024.

TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

Careem looks to raise $500m to fund expansion

e& announces agreement with Uber Technologies, and its subsidiary Careem to acquire a majority stake in Careem’s Super App.
By TRENDS Desk
March 10, 2022 6:47 pm
  • The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
  • It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds

Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds like Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ.

The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing.

It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds. The report also noted that Bank of America Corp. is advising on the transaction.

As the talks are currently at an early stage, the final amount might still change and more funds might join.

Uber bought Careem in 2019 for $3.1 billion. Even though Uber has full ownership, both these companies are operating relatively independently.

[adinserter block="5"]

Most Read

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

Energy deals top list as Bahrain issues $1.6bn tenders in Q1 2021

Majority of tenders issued are part of Bahrain’s $32 billion infrastructure development plans Oil and gas $767m, aviation $382m, construction and engineering $194m, materials and equipment $119m     Bahrain…

Dubai’s Shuaa plans SPACs worth $600 million

Shuaa Capital plans to set up three blank-check companies of around $200 million each.

[adinserter block="4"]