Kingdom Holding, one of Careem Networks’ biggest backers, supports a potential merger between the Middle East ride-hailing company and Uber Technologies, according to the head of Prince Alwaleed Bin Talal’s investment firm.
“We don’t interfere nor are we party to the discussions, and if it ever happens I think we are supportive of it yes,” chief executive Talal Al Maiman said in Davos.
Uber is in talks to acquire Careem to help the ride-hailing giant expand in the Middle East in a deal that could value the Dubai company at $2 billion to $2.5bn, people with knowledge of the plans said in September. Saudi billionaire Alwaleed joined a $500 million-fundraising round by Careem in 2017 and invested again in October. Kingdom Holding also has a seat on the company’s board.
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Read more:
Careem starts new delivery service: ‘Deliveroo, Uber and Talabat, you’ve got company’
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Separately, Kingdom Holding may be ready to spin off some of its real-estate investments next year, but is currently focusing on developing new projects, Mr Al Maiman said. “We are not yet into the spinning mode, we are in development mode,” he said.
Prince Alwaleed, in an interview in March, said he was considering splitting Kingdom Holding’s domestic property portfolio and some other assets from the main investment firm.
The company has also signed term sheets for a $1bn loan with two local banks and four international lenders, Mr Al Maiman said.
UAE currency: the story behind the money in your pockets
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The specs
Engine: 2.7-litre 4-cylinder Turbomax
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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England v South Africa schedule
- First Test: Starts Thursday, Lord's, 2pm (UAE)
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
COMPANY%20PROFILE%20
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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