Saudi billionaire Prince al-Waleed bin Talal's investment company Kingdom Holding Co and Mercedes-Benz maker Daimler AG (DDAIF) invested in Careem, Uber's Middle Eastern ride-hailing rival.
Careem wants to use the latest round of funding, which raked in $500 million, to gain traction in the region and develop driverless pods as the new norm for public transportation.
Careem operates in over 80 cities with 10 million app users. It's especially popular in Saudi Arabia, where women are not permitted to drive.
Daimler shares fell 1.8% to $72.41 on Thursday morning.
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Beware Tesla fanboys: Tesla (TSLA) burning money, but shareholders are the likely ones to blister and feel the pain. The standard 90-day corporate equity lockup period for Tesla, following its $402.5 million stock sale of March 16, ends Thursday TheStreet reports. As a result, Tesla will be free to conduct another stock offering as soon as Thursday, which is a real possibility given the electric car company's debt situation, partly due to its Solar City investment, and need for additional cash. Any new issuance the company may seek would likely need to take place before July, which is when Tesla issues its quarterly report on car sales. Alternatively, an offering could come in late August after Tesla issues its quarterly financial report.