Careem upgrades travel experience for KAFD residents

King Abdullah Financial District features 1.6 million square meters of state-of-the-art office space, world-class facilities and iconic luxury residences.
Short Url
Updated 17 September 2023
Follow

Careem upgrades travel experience for KAFD residents

Careem, a leading multi-service platform in the region, has partnered with King Abdullah Financial District Development and Management Company, to upgrade and streamline the travel experience for residents and visitors of KAFD, the country’s prime business and lifestyle hub. The agreement was signed on Sept. 12 in a ceremony hosted at Cityscape Global Riyadh.

Set in the heart of the Saudi capital Riyadh, KAFD features 1.6 million square meters of state-of-the-art office space, world-class facilities and iconic luxury residences, designed to transform the way urban communities live, work, and play. A 22-kilometer drive from King Khalid Airport, KAFD is a key driver of Riyadh’s economic ambitions and is the largest LEED certified mixed-use financial district in the world. It is owned and managed by the KAFD DMC.

Home to the Kingdom’s first cinema, KAFD is recognized for its exclusive business and lifestyle offering and advanced smart city solutions. By 2025, it is expected that 100,000 people will live and work in the district whose five asset classes will include more than 70 F&B outlets, three hotels, and an array of entertainment options. 

Careem will launch more dedicated solutions to make travel smoother and more reliable at KAFD, such as special tools to manage ride-hailing requests in high-density pickup locations, an enhanced navigation experience for captains and directional features to guide customers on how to reach meeting points. Multiple convenient spaces for pickups and pre-arranged staging areas will be dedicated for Careem captains. 

“Amidst the growing global awareness of sustainable transportation solutions, and recognizing the pressing need to address environmental challenges, KAFD remains dedicated to fostering a greener and more efficient urban landscape,” said Gautam Sashittal, chief executive of KAFD DMC. “In line with our mobility strategy at KAFD, we are excited to welcome Careem’s ride-hailing service to our district as it promises to reduce passenger vehicles, helping to lower both carbon emissions and traffic. Most importantly, with the addition of Careem, our tenants, residents, employees, and visitors will benefit from the increased availability of transport options within the district.”

Ahmad Arrabi, Careem’s general manager for ride-hailing in Saudi Arabia, said: “KAFD has grown rapidly into one of the region’s leading business and lifestyle hubs, attracting people from all across the world to live and work there. We’re delighted to collaborate with the KAFD team to make transport in and out of the district more seamless than ever.”

Careem launched ride-hailing services in Saudi Arabia in 2013, commencing operations in Riyadh, Jeddah, Dammam, Dhahran and Alkhobar before expanding to reach 26 cities across the Kingdom. The “everything app” now offers multiple services to customers in Saudi Arabia, including ride-hailing, inter city transport, food delivery, and home cleaning, all in one application. More than 75,000 Saudi nationals use the Careem app as a flexible source of income.


Muhlah closes $7.5m seed round led by BIM Ventures and Japan’s SBI Group

Updated 10 March 2026
Follow

Muhlah closes $7.5m seed round led by BIM Ventures and Japan’s SBI Group

Muhlah Zamaniyah for Finance, operating under the brand Muhlah, a Saudi fintech-enabled consumer microfinance company licensed by the Saudi Central Bank, announced the closing of its seed investment round totaling SR28.25 million ($7.5 million).

The round was led by BIM Ventures and SBI Group, a Japanese financial conglomerate, with participation from AlSuhaimi Holding Group and Fakhr Investment Holding Company. Muhlah is a venture-studio spinoff from BIM Ventures, established to deliver regulated, scalable financing solutions supported by strong governance and compliance.

This round reflects the growing attractiveness of Saudi Arabia to foreign capital within a well-regulated financial sector. The participation of SBI Group represents foreign direct investment supporting Muhlah’s expansion and accelerating its ability to deliver Shariah-compliant financing solutions, building on the strategic partnership between BIM Ventures and SBI Group.

Muhlah intends to progressively expand its financing capacity through Shariah-compliant structures, including off-balance-sheet and partner-backed arrangements. The company intends to explore additional funding channels and international partnerships to support its growth, subject to market conditions and further agreements.

Yoshitaka Kitao, representative director, chairman, president and CEO, said: “The shareholders, BIM and SBI Group, entered into the memorandum of understanding in May 2024, under the support of the Ministry of Investment, regarding a strategic business alliance that includes the joint establishment and management of investment funds. This transaction represents one of the concrete initiatives undertaken pursuant to that alliance.”

Mohamed Amine Merah, managing partner and CEO, BIM Ventures, said: “From inception, Muhlah was designed to bridge local market expertise with global financial depth. Our partnership with SBI Group, one of Asia’s largest financial conglomerates, brings a unique combination of fintech know-how and access to Japanese and international capital markets into Saudi Arabia’s consumer finance sector. This round reflects what the BIM-SBI alliance was built to achieve: creating investable, regulation-ready platforms that attract world-class partners to the Kingdom.”

Abdulaziz Al-Rammah, CEO of Muhlah, will lead the company’s next phase of growth, focused on expanding access to Shariah-compliant consumer microfinance through responsible products that strengthen transparency, affordability, and sustainable repayment outcomes.