DUBAI: Careem has resumed services in Muscat, Oman after signing an agreement to partner with a local taxi company, the Middle East ride-hailing app company said on Monday.
Dubai-headquartered Careem suspended services in Oman in 2017 shortly after launching when the government asked it to first work with licensed taxis.
Careem said in a statement it had partnered with Marhaba Taxi to register Marhaba’s drivers to Careem’s ride-hailing app.
Trips booked through the app would be charged the same fare as regular taxis, Careem said, adding that it would handle the components of the service such as payments and customer service.
Ride-hailing apps have faced opposition in many markets around the world by making inroads into the traditional taxi industry.
Careem resumed services in the Palestinian city of Ramallah in March after pricing its fares in line with metered taxis and first working with licensed taxi drivers as part of an agreement with Palestine’s transport ministry.
Careem said that it plans to introduce all of its services in Oman, expand to all major Omani cities and that following the agreement with Marhaba Taxi it was the only ride-hailing app to be in all six Gulf Arab states.
Careem is a Middle East rival of San Francisco-headquartered Uber Technologies with the two firms competing in many of the region’s major cities.
Mideast ride-hailing app Careem resumes Oman services
Mideast ride-hailing app Careem resumes Oman services
- Dubai-headquartered Careem suspended services in Oman in 2017
- Ride-hailing apps have faced opposition in many markets around the world by making inroads into the traditional taxi industry
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
