Ride-hailing service Careem Networks FZ is about to receive a $100 million investment from government-controlled Saudi Telecom Co. (STC). The generous investment will bring the four-year-old company's value up to $1 billion. The board of STC approved the purchase of a 10 percent stake in the Dubai-based company on Thursday. Careem has already been working with Credit Suisse Group AG to help raise $500 million. Careem provides rides in 47 cities in Turkey, Pakistan, the Middle East and North Africa, according to Bloomberg.
