Published on : Monday, December 11, 2017
Mudassir Sheikha of Dubai from the headquarter of Careem said that they believe ride hailing, or a version of it, is the best way to build public transport today.
There is 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.
Careem is one of the most perceptible technology companies in Middle East countries drawing growing interest from investors.
According to Magnitt, an online data platform for the technology ecosystem in the Middle East and North Africa, 2017 is on track to be a record year for funding, with the number of deals and the amount of startup investment increasing.
Careem is the only unicorn company in Middle East, counting Rakuten Inc., Kingdom Holding Co., China’s Didi Chuxing and Daimler AG among its investors.
According to the authority of Careem, the money that they are earning also is going into transportation infrastructure.
The contracts for road, bridge and tunnel projects in Gulf Cooperation Council countries are forecast to rise to $15.5 billion next year, from $14 billion this year.