Dec
10
Uber Mideast Rival Says Ride-Hailing Spend Beats Road Investment
By-
Careem gets backing from Rakuten, Didi, Daimler and others
-
Mideast tech companies increasingly on investors’ radars
Once upon a time, building new roads was the most logical way to improve transportation. Now, making the most efficient use of roads is even more important, according to the chief executive officer of ride-hailing company Careem Inc.
“We believe ride hailing, or a version of it, is the best way to build public transport today,” Mudassir Sheikha said in an interview in Dubai, where Careem is based. There’s a Middle Eastern city “that’s building a metro bus system for $700 million dollars that will transport 200,000 people. If they invested the same amount in ride-hailing, it would have capacity for 1.5 million people and create 100,000 jobs.”…
Uber Mideast Rival Says Ride-Hailing Spend Beats Road Investment
