The co-founder and CEO of Middle Eastern taxi app Careem told CNBC that bad press surrounding Saudi Arabia won't quell investor appetite for the region.
The Dubai-based ride-sharing service was founded in 2012 and has successfully launched in more than 100 cities in the Middle East, Africa and South Asia. Earlier this month the firm announced it had secured $200 million in fresh funds from existing investors, including Saudi billionaire Prince Alwaleed bin Talal.
The cash was the first close of a funding round in which it expects to raise more than $500 million, Careem said in a statement. Speaking to CNBC's Hadley Gamble on Tuesday, Careem's CEO and co-founder Mudassir Sheikha, said he is not concerned about investment from Saudi Arabia, which has been the target of sharp criticism over the last month.
"There is opportunity and there is a platform like Careem that is realizing this opportunity, and funding and investment will not be an issue, whether from regional sources or global sources," he said before adding: "Money will chase opportunity, and this is a lot of opportunity."
Saudi Arabia has fallen under criticism since the killing of journalist Jamal Khashoggi in Turkey early in October.