The Abraaj Group Divests its Stake in Careem to Kingdom Holding Company

Dubai, United Arab Emirates, 15 June 2017: The Abraaj Group (“Abraaj” or the “Group”), a leading investor operating in growth markets, today announced that it successfully divested its shareholding in Careem (“Careem” or the “Company”), one of the region’s leading transportation businesses, to Kingdom Holding Company.

Founded in Dubai in 2012, Careem has grown to be one of the leading transportation and ride hailing businesses across the Middle East, North Africa, Turkey and Pakistan (“MENATP”) region. The Company originally established a web-based car booking service for corporates in the United Arab Emirates. It evolved rapidly into the region’s dominant provider with continued ambitions to reshape the region’s transportation and ‘people logistics’ space. The Company has achieved steady double digit growth since inception and continues to expand. As of June 2017, Careem is active in over 80 cities, up from 20 at the time of Abraaj’s investment in 2015.

The MENATP region represents a compelling investment opportunity given the size of the consumer market and the industry’s pace of growth. Careem is a unique homegrown regional champion. By continuously innovating and tailoring its offerings for the local market, such as the first to offer cash payments in markets where credit card penetration is low, and enabling passengers to pre-book services, Careem continued to hold and gain market share across its target cities.

Abraaj closely partnered with Careem and its management team through a critical phase of the Company’s growth. The Group helped drive and increase corporate client outreach through its strong regional networks, accelerated strategic hiring, and supported the Company with expansion into new markets.

Commenting on the exit, Ahmed Badreldin, Partner and Head of Middle East and North Africa at The Abraaj Group, said: “We recognized 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. We wish the Company, its investors and new partners every success as they continue to take this dynamic business forward.”

Mudassir Sheikha, Co-Founder of Careem added, “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 has 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.”

The Abraaj Group manages US$ 10 billion in assets and is focused on investment strategies across private equity, private credit, impact investing and real estate.

For more information on Abraaj please contact:
Mitali Atal
Director - Communications
The Abraaj Group
E: mitali.atal@abraaj.com
Iain Gibson
Finsbury
T: +971 (0)55 338 7748
E: iain.gibson@finsbury.com

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About The Abraaj Group

The Abraaj Group (“Abraaj”) is a leading investor, purpose-built for operating in the growth markets of Africa, Asia, Latin America, the Middle East, and Turkey. Employing over 300 people, Abraaj has over 17 offices spread across five regions with hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore. The Group currently manages c. US$ 10 billion across targeted investment strategies.

Abraaj has realized c.US$ 6.7 billion from over 100 full exits, and Funds managed by the Group have made over 190 investments across a range of sectors including consumer, energy, financials, healthcare and utilities. The Group is committed to the highest environmental, stakeholder engagement and corporate governance standards and is a signatory to the United Nations-backed Principles for Responsible Investment and the United Nations Global Compact. Abraaj’s founder, Arif Naqvi, was appointed to the United Nations Global Compact Board by UN Secretary-General Ban Ki-moon in 2012 and to the Interpol Foundation Board in 2014.

This publication is issued by Abraaj Capital Limited (“ACLD” or the “Firm”), a member of The Abraaj Group that is authorised and regulated by the Dubai Financial Services Authority (“DFSA”). Several Group members are regulated by a number of international regulatory authorities including the DFSA under whose rules ACLD has issued this publication.