STC Group CEO Nasser Al-Nasser has credited its Dare Strategy for the success of its investment in ride-hailing service Careem. STC’s Dare Strategy was specifically designed to focus on digital transformation and new growth opportunities for the Saudi telecommunications behemoth.
STC owns a stake of around 8.8% following an investment of $100m into the company in 2017. However, following the acquisition of the company by Uber that investment is projected to grow to $274m.
STC confirmed that most of the $274m will be paid partly in cash and party in Uber’s convertible notes, with the exact split depending on the final allocation at the closing of the transaction. STC has pointed out that it made the investment in Careem through two owned funds which are:
- STC Ventures (6.4% stake)
- Saudi Technology Ventures (2.9% stake)
The investment is further proof that STC’s progressive Dare Strategy is paying dividends for the Saudi operator.