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Reuters
"Kingdom Holding" announces support for "Ober" and "Karim"
Kingdom Holding, the investment arm of Prince Alwaleed bin Talal, has announced its support for Ober Technologies' acquisition of its competitor in the Middle East, Karim Networks.
In a tweet published Tuesday on its Twitter page, Kingdom Holding said it support the $ 3.1 billion deal.
Kingdom Holding, along with other Saudi companies, holds a stake in Karim Networks. According to Bloomberg, details of the deal will be unveiled this week.
Karim owns 7% of Kingdom Holding, 10% of Saudi Telecom and 14.7% of Al Tayyar Travel group.
Karim is active in 100 cities in the Middle East and the delivery business has more than one million drivers.
Prince Alwaleed bin Talal is head of Kingdom Holding's multi-investment board of directors, as well as investing in Karim and international hotels.
Source: agencies
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