ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks

ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks
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ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks

ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks

Saudi Arabia-based TruKKer, which offers Uber-like services for trucks in the Middle East and elsewhere, said on Monday it has raised just under $100 million through Series B equity and a debt funding round.

The investments were led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures, while Abu Dhabi state fund Mubadala Investment Company (MUDEV.UL) and other existing investors also participated in the fund raising.

TruKKer said it also raised $50 million in venture debt from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group (MUFG), and San Francisco-based Partners for Growth.

According to Reuters, TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to provide logistics services. The company operates across the Middle East, North Africa and Central Asia with a network of more than 40,000 trucks.

"TruKKer will deploy the fresh funds to deepen its presence across all our existing markets and launch several new products and features," said Amit Agwarwal, TruKKer's chief financial officer and a former investment banker.

Trukker in 2019 raised $23 million in its Series A funding round, which was one of the largest funding rounds in its category in the region at the time. The investment was led by STV, which previously invested in Mideast ride-hailing firm Careem, that was acquired by Uber Technologies for $3.1 billion.



Pakistan Sees Economy on Long-Term Recovery Path Under IMF Program

Pakistan's Prime Minister Shehbaz Sharif speaks during the World Governments Summit in Dubai, United Arab Emirates, Tuesday, Feb. 11, 2025. (AP Photo/Altaf Qadri)
Pakistan's Prime Minister Shehbaz Sharif speaks during the World Governments Summit in Dubai, United Arab Emirates, Tuesday, Feb. 11, 2025. (AP Photo/Altaf Qadri)
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Pakistan Sees Economy on Long-Term Recovery Path Under IMF Program

Pakistan's Prime Minister Shehbaz Sharif speaks during the World Governments Summit in Dubai, United Arab Emirates, Tuesday, Feb. 11, 2025. (AP Photo/Altaf Qadri)
Pakistan's Prime Minister Shehbaz Sharif speaks during the World Governments Summit in Dubai, United Arab Emirates, Tuesday, Feb. 11, 2025. (AP Photo/Altaf Qadri)

Pakistan's economy is on a path to long-term recovery, thanks to a stabilization program backed by the International Monetary Fund, Prime Minister Shehbaz Sharif said, ahead of a first review of a $7 billion bailout set for early in March.

The comments came in Sharif's meeting on Tuesday with managing director of the IMF, Kristalina Georgieva, on the sidelines of the World Government Summit (WGS) 2025 in Dubai, his office said in a statement.

Sharif underscored the progress made under the IMF's Extended Fund Facility (EFF), which has played a key role in stabilizing Pakistan's economy and set it on the path of long-term recovery, it added.

A three-member IMF mission is currently in Pakistan to conduct a Governance and Corruption Diagnostic Assessment under the country's 2024 Extended Fund Facility program.

On Tuesday, the team met with Pakistan's Chief Justice Yahya Afridi to get details regarding the judicial and regulatory system of the cash-strapped country.

In a post on X, Georgieva said, “I am encouraged by their strong commitment to Pakistan's IMF-supported reforms and support their decisive actions.”

These would help pave the way to higher growth and more jobs for Pakistan's youthful population, she added.

Ahead of the IMF review, the government and central bank have expressed confidence about meeting its targets, even as Pakistan struggles to navigate the recovery, following the bailout secured in September.

Tuesday's meeting focused on the macroeconomic stability brought by the government's reform agenda under the IMF program and efforts to maintain fiscal discipline, Sharif's office said.

He vowed to keep up the momentum for reform, particularly in areas such as taxes, energy efficiency and private sector development, it added.