March 26, 2019 / 6:59 AM / a month ago

Saudi venture fund STV says Uber deal with Careem to help Mideast ride hailing firm grow

A cell phone with the Uber transport technology app, with the destination and its cost to the international airport, is seen inside a car with an Uber driver, in Santiago, Chile, March 15, 2019. REUTERS/Rodrigo Garrido

DUBAI (Reuters) - Saudi Technology Ventures (STV) said on Tuesday Uber’s deal with Careem will help the Middle East ride hailing firm expand its customer base even further and continue to develop the regional economy.

STV is a Careem investor and participated in the company’s $200 million Series F investment round 2018.

STV, backed by Saudi Telecom Co, is a venture fund in the Middle East and North Africa region with over $500 million in deployable capital.

Reporting by Hadeel Al Sayegh, editing by Saeed Azhar

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