DUBAI, June 15 (Reuters) - Saudi Arabia’s Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Thursday it had bought a 7.11 percent stake in ride-hailing firm Careem for $62 million.
The investment, part of a strategy to invest in technology, would have no material impact on the company’s results and would be reflected in its second-quarter financial statements, Kingdom Holding said in an bourse statement.
Government controlled Saudi Telecom Co. (STC) is also a shareholder in the ride-hailing firm. (Reporting by Alexander Cornwell; editing by Jason Neely)
Our Standards: The Thomson Reuters Trust Principles.