ABU DHABI: Dubai-based ride-hailing company Careem is looking for acquisition opportunities and is considering an initial public offering as a possible option but has no timeframe in mind, its founder and CEO said.
Careem, which competes with Uber and operates from Pakistan to Egypt, plans to enter second-tier cities in Saudi Arabia, Egypt and Pakistan this year as well as new markets in North Africa and the Levant, Sheikha told Reuters. He did not specify which countries.
Careem has been quoted in Middle East media in recent months as saying it is looking at an initial public offering in the next two to three years, but Sheikha said an IPO was only one option under consideration.
“An IPO is one of several options for an exit or liquidation,” Sheikha said in an interview. Asked if 2019 was a target date, he said “it is hard to predict.”
Bankers and advisers have not been hired, he said.
Careem was valued at about $1 billion following an investment of $350 million by Saudi Arabia’s state telecoms company and Japanese Internet firm Raukten.
The company operates in over 10 countries across the Middle East, North Africa and Pakistan and employs around 150,000 drivers.
Acquiring other companies would help it to expand.
“We are open to it if we find companies that accelerate that (growth) path,” Sheikha said without being more specific.
Careem suspended services in Abu Dhabi in late August, along with rival Uber, due to some regulatory issues, but Sheikha said they had now resumed.
Careem was still in talks with the Abu Dhabi regulators to “enhance the regulatory framework,” he said.
Ride-hailing firm Careem on lookout for acquisitions, IPO an option
Ride-hailing firm Careem on lookout for acquisitions, IPO an option
Saudi Aramco achieves significant progress in its gas production plan
RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.
The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.
This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.
President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”
He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.
Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.
The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.
Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development.
Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.
The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.
The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth.
Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program.
The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.
Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider.
It also helps meet the growing demand for natural gas and enhances its supply to national industries.
The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.
