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Saudi Arabia’s Kingdom Holding buys 7% of Careem

RIYADH: Saudi Arabia's Kingdom Holding said on Thursday it has bought a stake in car ride-hailing business Careem, its latest venture in the booming sector. Kingdom Holding, chaired by Prince Alwaleed bin Talal, acquired a seven percent share in the firm, valuing the transaction at $62 million. Dubai's Abraaj Group said in a separate statement that it has divested its shareholding in Careem. It did not give the size of the stake but confirmed it has been acquired by Kingdom Holding, a diversified Riyadh-based global…