RIYADH: Vehicle-for-hire company Careem is looking to raise as much as $500 million from investors, including regional sovereign wealth funds, it has been reported. 

The Uber-owned firm is making this move to help bankroll an expansion into services beyond ride-hailing, according to Bloomberg, citing people familiar with the matter. 

Careem has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds. The report also noted that Bank of America Corp. is advising on the transaction. 

As the talks are currently at an early stage, the final amount might still change and more funds might join. 

Uber bought Careem in 2019 for $3.1 billion. Even though Uber has full ownership, both these companies are operating relatively independently.

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).