The Uber of the Middle East… is called Careem and the company just got a big financial boost. Saudi Prince Alwaleed Bin Talal just invested $200 million in the Dubai-based rideshare company. And now, Careem is currently valued at over $2 billion, up from $886 million in 2017.
The timing is odd… because Saudi Arabia’s network of business and global tech investments has come under scrutiny after the disappearance of journalist Jamal Khashoggi. Khashoggi was last seen at the Saudi consulate in Istanbul, and Turkish officials believe he was murdered inside the consulate.
Murder mystery aside… Careem operates in over 120 cities in the Middle East, North Africa, Turkey, and Pakistan. The company is viewed as a “new and promising” technology in the Middle East, and investors continue to pile money into the company for that reason. Will we be calling for a ‘Careem’ soon??