Careem could consider selling shares to the public by 2019, chief executive Mudassir Sheikha has previously said. Alex Atack for The National.

The Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding Company and the German automaker Daimler are the latest high-profile investors in the regional taxi hailing app Careem, which has raised US$500 million to expand its footprint.

The Dubai company announced on Thursday the second close of its Series E funding after completing the first round in December 2016, with US$350 million invested and confirming Careem as a unicorn in terms of investment. The taxi app operator is now present in in over 80 cities across the broader region.

"KHC and Daimler bring vital knowledge and insight to our organisation as we prepare the next big advances in our journey to shape future outcomes in urban transportation in our region," said Mudassir Sheikha, the co-founder and chief executive of Careem.

He said the opportunity for further expansion in the region is huge, not just geographically but through innovation and helping communities.

"KHC and Daimler both bring deep pockets and a long-term perspective on global technology adoption, and we are excited to welcome them on this journey to improve the lives of people in the Middle East."

Source: The National