RIYADH: Due to the growing popularity of ride-hailing apps such as Uber's Careem, a large number of people are considering taking up jobs as drivers permanently as it ensures a steady income.
In Saudi Arabia alone where people initially started using their private vehicles for ride-hailing services as a part-time occupation, now around 40,000 are thinking to take it up as a career permanently as many of them claim to earn around SR10,000 ($3,750) a month, said Saleh Al-Zuwaid, an official spokesperson for the Transport General Authority.
The revelation from the transport official comes at a time when several companies including Uber's Careem are planning to expand their workforce in Saudi Arabia, owing to increased demand for their transportation services.
While talking to Al-Ekhbariya TV channel, Al-Zuwaid said that more than 800,000 Saudi men and women are currently using these apps to earn their livelihoods.
He said these workers provided more than 65 million trips in 2021.
Al-Zuwaid also stated that more than 10,000 women are currently working in the vehicle guidance sector
Careem, for example, saw at least a two-fold increase in its services across 13 markets in the Middle East, North Africa, and Pakistan in 2021.
It completed 109 million rides, the firm said in its 2021 customer and business trends report.
Cars and bikes transactions grew by 2.6 times compared to December 2020, while delivery and bill payments services grew 2.4 times and 2 times respectively.
In 2021, one in seven customers in Saudi Arabia used multiple services on the app, and the most popular combination of services is ride-hailing and food delivery.
The airports with the most Careem journeys in 2021 were Jeddah with 57,000 trips, Karachi with 211,000 trips, and Dubai with 207,000 trips.
Drivers using ride-hailing apps earn $3,750 a month, says a Saudi transport official
https://arab.news/5gv8q
Drivers using ride-hailing apps earn $3,750 a month, says a Saudi transport official
- Around 40,000 people are considering taking up driving as profession
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
