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 rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
