The Abraaj Group announced that it has divested shareholding in Careem, the UAE?s leading transportation network company, to the Saudi Arabia?s conglomerate Kingdom Holding Company
Commenting on the exit, Ahmed Badreldin, partner and head of Middle East and North Africa at the Abraaj Group, said, ?We recognised the opportunity for Careem to scale and rapidly grow its offering across the region. We are proud of the rapid advancements the company made based on our investment and partnership.?
?The markets in which Careem operates benefit from a combined GDP of US$3.6 trillion, representing a populous and connected economy and one that will increasingly benefit from the services that Careem provides,? he added.
Established in 2012 in Dubai, Careem originally provided web-based car booking services for corporate and businesses in the UAE.
Presently Careem is one of the largest transportation network company across the Middle East, North Africa, Turkey and Pakistan (MENATP) region.
The Abraaj Group, which has a market share worth US$10bn, is a leading investor focusing on the investment strategies across private equity, private credit, impact investing and real estate in Africa, Asia, Latin America, Middle East and Turkey.
Reporting to the press, the Abraaj Group said that during its partnership with Careem, it helped the latter to expand business through its regional networks, accelerated strategic hiring and supported the cab company with expansion strategies into the new market.
Mudassir Sheikha, co-founder of Careem, said, ?The Abraaj Group has been a great partner for us over the past two years, and the company?s unique regional insights and global resources have been a major contributor to our current success. We will continue to expand, innovate, lead and serve our mission of simplifying the lives of people in the region.?
