Careem enters micro-mobility space by buying Cyacle

Careem CXO and Co-founder Magnus Olsson with his Careem bike.
Updated 29 May 2019
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Careem enters micro-mobility space by buying Cyacle

Careem has entered the micro-mobility space with the acquisition of UAE-based company Cyacle.

Launched in December 2014, Cyacle is a fully automated docked bikeshare service currently operating in Abu Dhabi. Stations run 24-hours a day via an app, a touchscreen kiosk and docking system that releases bikes using a ride code or a member key. 

The new app will be available for iOS and Android, initially as a standalone Careem app, which can be accessed via the main Careem app. Users can access the bikes via app or physically at one of the smart docking stations with credit and debit cards, and the service will offer bikes through a range of daily to yearly memberships. 

Careem CXO and Co-founder Magnus Olsson said: “This deal means Careem will be able to improve micro-mobility in the region and simplify one of the most important mobility issues — the first and last mile problem. Many journeys are relatively short in distance, including those to and from transportation hubs such as metro and bus stations, so increasing bicycle availability and expanding routes will transform how people commute, as well as offering micro-mobility solutions for short-distance trips.”

Hani Akasha, the Emirati founder of Cyacle, added: “The startup scene in the UAE is now such a fast-moving tech environment, and this just proves what we can do in this country.”

Sami Amin, CEO of Cyacle, said: “It’s exciting to be taking micro-mobility to the next level, becoming an integral part of life in the capital, and with Careem now involved it will accelerate the service and improve the lives of so many more people in the region.”

This acquisition is part of Careem’s overall platform strategy to offer complete mobility solutions, affordable transportation and first- and last-mile mobility. Careem plans to bring micro-mobility to more cities throughout the region over the next 12 months.

Regional governments are investing heavily in cycling infrastructure and the promotion of cycling as a healthy, sustainable and affordable mode of transportation. Careem will work closely with local governments and communities across the region to invest in bikeshare service in support of their micro-mobility goals.


Saudi Arabia world’s safest and most attractive investment destination, says chairman of Sumou Holding

Updated 09 March 2026
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Saudi Arabia world’s safest and most attractive investment destination, says chairman of Sumou Holding

Saudi Arabia has emerged as one of the world’s safest and most attractive destinations for investment, supported by the strength and resilience of its economy, according to Ayed bin Farhan Al-Qahtani, chairman of Sumou Holding.

Al-Qahtani said the Kingdom’s economy has consistently demonstrated its ability to navigate global and regional crises. He noted that Saudi Arabia has historically adapted to challenging conditions and emerged stronger, thanks to prudent economic policies and effective governance, both of which have reinforced the market’s financial strength. Al-Qahtani added that Saudi Vision 2030 has reshaped the structure of the national economy by diversifying income sources and leveraging the country’s core strengths, creating a more flexible and sustainable economic environment capable of withstanding global volatility.

According to Al-Qahtani, business activity across Saudi Arabia continues to operate normally despite current global uncertainties, highlighting the adaptability and experience of Saudi companies across multiple sectors.

Sumou Holding currently manages an investment portfolio valued at about $10 billion. Al-Qahtani said that the group plans to expand its investments in the Kingdom while seeking to attract additional foreign capital through international partnerships and joint ventures.

The company is evaluating a range of new opportunities across key sectors and particularly in real estate, which Al-Qahtani described as one of the most secure and attractive investment sectors in the Saudi market amid rising demand for residential, commercial, and development projects.

Saudi Arabia’s property market has also undergone significant regulatory reforms aimed at boosting its appeal to international investors. A new foreign property ownership law, which came into effect in early 2026, allows non-Saudis — individuals and companies, residents and non-residents — to own residential, commercial, and agricultural properties across designated areas of the Kingdom.

The framework will increase capital inflows into the real estate sector while introducing specific ownership rules for the holy cities of Makkah and Madinah, two markets Al-Qahtani said remain among the most secure and globally attractive for long-term investment.

Sumou Holding owns two companies listed on the Saudi Exchange: Sumou Real Estate Co. and Ader Real Estate Co.

Al-Qahtani added that the group’s international arm, Ader Global, is building partnerships with global investors and directing capital toward promising opportunities in the Saudi market, reinforcing the Kingdom’s role as a regional hub for investment and multinational companies.

With its strong regulatory framework, investment security, and continued government support for the private sector, Saudi Arabia is well positioned to attract further foreign capital in the coming years, Al-Qahtani said, cementing the country’s status as a leading global investment destination both today and in the future.