Saudi Arabia’s Kingdom Holding has bought the shareholding of UAE-based equity firm Abraaj Group in ride-hailing company Careem.

The value of the transaction was not disclosed.

Abraaj invested in the company in 2015.

Other investors include Al-Tayyar Group, Beco Capital, El-Sewedy Investments, Endure Capital, Lumia Capital, SQM Frontier and Wamda Capital.

Japan’s Rakuten Incorporated and Saudi Telecom Company (STC) also invested $350m in Careem in December last year, the first close in its $500m funding round.

Established in Dubai in 2012, Careem is active in 80 cities, Abraaj said in a statement.

In June last year, US-based ride hailing service Uber raised $3.5bn from Saudi Arabia’s Public Investment Fund (PIF), a move that will help the company’s expansion in the Middle East and North Africa (Mena) region.