DUBAI: Middle East ride-hailing firm Careem said on Sunday it had started a service in Sudan, one of few international companies to enter the country since US economic sanctions were lifted last year.
Sudan is grappling with an economic crisis as a foreign currency shortage and an increasingly expensive black market for dollars weakened its ability to import and made prices soar.
Careem, which said its services were now available in Sudan’s capital Khartoum, has hired 10 Sudanese employees and signed up hundreds of drivers to its app to launch operations.
The company expects to have as many as 30 employees in Sudan and be present in at least one other city in the northeast African country by the end of the year.
“My goal and aim is to cover as many (cities) as possible in the next one or two years,” Careem’s Managing Director for Emerging Markets Ibrahim Manna told Reuters by phone.
Sudan has the potential to be one of Careem’s biggest markets in terms of number of trips taken due to the population size and demand for transportation services, he added.
Careem will compete against several local ride-hailing apps, such as Tirhal, but not Uber Technologies itself, which does not operate in the country.
Dubai-based Careem is Uber’s main Middle East rival, competing in most of the region’s major cities including Cairo, Dubai, and Riyadh. Last year it became the first ride-hailing firm to operate on the Israeli-occupied West Bank.
Careem plans to reinvest revenue earned in Sudan back into the country over the next two to three years as its grows its business there, Manna said.
Remitting cash from Sudan can be difficult due to the country’s hard currency shortage.
International banks remain cautious about doing business with Sudan which remains on the United States list of state sponsors of terrorism — alongside Iran, Syria, and North Korea — despite the US lifting economic sanctions.
Uber-rival Careem expands services into Sudan
Uber-rival Careem expands services into Sudan
- Careem, which said its services were now available in Sudan’s capital Khartoum, has hired 10 Sudanese employees
- Sudan has the potential to be one of Careem’s biggest markets in terms of number of trips taken
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
