A report by Mena Bytes confirms that His Highness Prince Alwaleed bin Talal’s investment firm Kingdom Holding will support a potential merger between Uber and Careem should they choose to.
The show of support was announced Kingdom Holding’s CEO Talal bin Ibrahim Al Maiman in an interview at the annual World Economic Forum in Davos, Switzerland.
(Image Credits: Twitter @alwaleed_talal)
At the moment, Prince Alwaleed’s firm is still one of Careem’s largest shareholders
According to Mena Bytes, Kingdom Holding had initially invested in Careem back in 2017, receiving a 7% stake in the company. Additionally, Kingdom Holding has also invested in US Uber’s rival, Lyft.
We don’t interfere nor are we party to the discussions, and if it ever happens I think we are supportive of it yes.
Talal bin Ibrahim Al Maiman, CEO of Kingdom Holding
The merger potential first came up when Bloomberg reported it six months back
Following the Bloomberg report stating a potential merger of Uber and Careem in July last year, people discussed what this could mean for car-hailing apps in the region (and the world.)
No one has confirmed the account, however.