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|26 March, 2019

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

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

Image used for illustrative purpose. Cars drive along the New Corniche seafront development on June 23, 2018 in Jeddah, Saudi Arabia.

Image used for illustrative purpose. Cars drive along the New Corniche seafront development on June 23, 2018 in Jeddah, Saudi Arabia.

Getty Images/Sean Gallup

DUBAI - 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.

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(Reporting by Hadeel Al Sayegh, editing by Saeed Azhar) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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