LONDON: Careem has passed the one million driver mark as it competes with global rival Uber in cities across the region.
The Dubai-based ride app, which operates in 14 countries mainly in the Middle East, said that Faisal Saleh from Hail in Saudi Arabia became the millionth person to sign up to the service.
The ride hailing app claims to be creating between 60,000 and 70,000 jobs per month in cities from Dubai to Casablanca amid fierce regional competition with global rival Uber.
“We are humbled about achieving our target of creating one million jobs in the region,” said Careem CEO Mudassir Sheikha. “We started Careem with a mission to simplify and improve the lives of people.”
Careem was founded in Dubai in 2012 by Sheikha and Magnus Olsson, two former McKinsey consultants. Abdulla Elyas became the third co-founder when Careem bought Jeddah-based address coding service Enwani two years later.
Uber and Careem were in preliminary talks to combine their Middle Eastern services, hoping to resolve a costly rivalry as Uber prepares for a public offering, Bloomberg reported on July 03, citing people familiar with the talks.
Saudi Arabia’s sovereign wealth fund is a major investor in Uber, after acquiring a $3.5 billion stake in the company in 2016. Meanwhile Kingdom Holding and Saudi Telecom venture capital unit STV are also investors in Careem.
Careem hits one million drivers across region in race with Uber
Careem hits one million drivers across region in race with Uber
- Careem operates in 100 cities across 14 countries.
- Ride hailing app expands across region
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
