United Arab Emirates-based ride-hailing company Careem has raised US$350 million in a round led by Japan-based e-commerce and internet company Rakuten and telecom operator Saudi Telecom Company. Global growth markets investor The Abraaj Group; venture capital firms Wamda Capital, Beco Capital, Endure Capital and Lumia Capital; asset manager SQM Frontier Management and a series of corporate investors also participated in the transaction, which represents the first tranche of a larger financing round expected to total US$500 million. Careem will use the new capital to scale up its transport services in existing and new markets and accelerate innovation across its platform of high-frequency transactions