Middle East ride-hailing startup Careem just announced today that it has secured $200m in a Series F funding from existing investors, which include Saudi’s Prince Alwaleed bin Talal’s Kingdom Holding, Al Tayyar Group, STV, and Japanese e-commerce company Rakuten.

Careem, the main regional rival of Uber Technologies mentioned that it expects to raise a total of over $500m in its latest funding effort to expand into mass transportation, deliveries, and payments.

Commenting on the $200m fundraise, Co-founder and CEO Mudassir Sheikha of Careem said that “Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped”.

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