Dubai - based auto - hailing firm plc has closed out a $ 500 m investment E round led by Saudi - based Kingdom Holding after raising another $ 500 m . This brings the company 's turnover to $ 1bn , according to Careem CEO Mudassir Sheikha . The deal also saw carmaker Daimler invest , marking an opportunity to collaborate with the German company as it develops a fleet of autonomous vehicles . However , Careem faces growth challenges . Between it and rival service Uber , they serve only 1 % of the potential market for transport services in the united East .
Dubai-based ride-hailing firm Careem has closed out a $500m series E round led by Saudi-based Kingdom Holding after raising another $150m. This brings the company's valuation to $1bn, according to Careem CEO Mudassir Sheikha. The deal also saw carmaker Daimler invest, marking an opportunity to collaborate with the German company as it develops a fleet of autonomous vehicles. However, Careem faces growth challenges. Between it and rival service Uber, they serve only 1% of the potential market for transport services in the Middle East.