A big Saudi Phone company to purchase 10% of Careem

One of the largest telecommunication firm STC has announced its plan to buy a 10% stake in Careem Car booking app.

In a notice issued to the Saudi stock exchange, Saudi Telecom Co revealed that the proposed stake is worth $100 million; to be funded by STC’s “internal financial resources.”

“This move is in line with the company strategy to invest in the innovative digital world. It enhance communication via mobile within the transport system,” stated STC in its official announcement.

Uber, in June, also declared that Saudi Arabia’s Public Investment Fund will invest $3.5 billion to help it to expand globally.

STC has more than 100 million customers in nine countries including wide user base in Turkey, South Africa, India and Malaysia.