Abdul Latif Jameel Finance and Careem, the region’s leading multi-service platform, have announced the launch of a financing program designed specifically to allow Saudi Careem Captains in the Kingdom to finance their own cars. Abdul Latif Jameel Finance is opening the door for the Captains to continue earning an income in a reliable manner, by providing a financing solution that allows them to obtain a new vehicle.
The financing program illustrates Abdul Latif Jameel Finance’s commitment to providing innovative financing solutions to more members of the community. The program provides Careem Captains, many whose main source of income is through the ride-hailing app, with flexible payment plans and installments to obtain any new model from several brands including Toyota, Lexus, Kia, Hyundai, Geely, Suzuki and MG vehicles.
This financing program is also in alignment with Saudi Vision 2030 goals and initiatives to support employment rates and improve living standards in the Kingdom.
Dr. Khalid D. Al-Karimy, CEO, Abdul Latif Jameel Finance, said: “At Abdul Latif Jameel Finance, we continuously endeavor to find ways to support our community. We are aware of the various challenges facing self-employed Captains, which is why we have worked on developing this innovative program that will help them reap the full benefits from their work.”
Ahmad Arrabi, general manager of Careem Saudi Arabia, said: “We are excited to cooperate with Abdul Latif Jameel Finance to make it easier for Careem Captains to obtain new models of Toyota, Lexus, Kia, Hyundai, Geely, Suzuki and MG vehicles. This cooperation will enable more Saudi nationals to access flexible earnings through the Careem platform.”
Careem offers Captains in Saudi Arabia 24-hour technical support, special discounts on car cleaning, and in-ride insurance coverage. Careem launched in Saudi Arabia in 2013, commencing operations in Riyadh, Jeddah, Dammam, Dhahran and Alkhobar before expanding to reach 29 cities across the Kingdom. More than 194,000 Saudi Careem Captains use the app to earn a flexible income and over 75 percent of the Captains in the Kingdom own their cars. To date, Careem Captains have completed more than 250 million trips. In 2022, earnings for Captains in Saudi Arabia totaled over SR529 million ($141 million).