Saudi's Kingdom Holding buys $62M stake in ride-hailing firm Careem

DUBAI, June 15 (Reuters) - Saudi Arabia'sKingdom Holding <4280.SE>, the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Thursday it had bought a 7.11
percent stake in ride-hailing firm Careem for $62 million.

The investment, part of a strategy to invest in technology, would have no material impact on the company's results and would be reflected in its second-quarter financial statements, Kingdom Holding said in an bourse statement.

Government controlled Saudi Telecom Co. <7010.SE> (STC) is also a shareholder in the ride-hailing firm.