Latest news with #CareemTechnologies
Time of India
18-06-2025
- Business
- Time of India
Careem CEO has an update on company's Pakistan operations: With a heavy heart ...
Uber 's Middle Eastern ride-hailing giant Careem has announced that it is shutting down its operations in Pakistan , effective July 18, 2025. The company's co-founder and CEO Mudassar Sheikha shared the news of suspension of the services of Careem via a LinkedIn post. In a long LinkedIn post, Sheikha wrote, 'It is with a heavy heart that I share this update… This was an incredibly difficult decision.' He cited macroeconomic challenges , intensifying competition, and global capital constraints as key reasons behind the move, saying the company could no longer justify the investment needed to maintain a safe and reliable service in the country. Sheikha also lauded the Pakistani team's "brilliant and fearless" efforts in building a service that millions relied on for daily commutes and earnings. Despite the suspension of its ride-hailing service, Careem's presence in Pakistan will continue in a different capacity. Careem Technologies , a spin-off focused on building the "Everything App" for the region, will maintain its operations from Pakistan. Read Careem CEO Mudassar Sheikha's complete LinkedIn post here A new chapter for Careem in Pakistan by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What She Did Mid-Air Left Passengers Speechless medalmerit Learn More Undo It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18. This was an incredibly difficult decision. The challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country. In the end, the Careem Rides team had to make this tough call. It's the end of an iconic chapter - one built with purpose, grit and a ton of relentless hustle. I still remember when we launched in 2015, many thought it was a pipe dream. Safe rides on demand? Women traveling with strangers? Smartphones and digital payments for everyday use? The challenges were real and formidable. But our Pakistan team was brilliant and fearless - bold, determined, and literally on a mission to create millions of jobs for captains across the country. They did not just build a service that millions of Pakistanis relied on to move and earn, they delivered significant public goods: digital infrastructure, trust, regulation, capability, confidence - all of which paved the way for countless local and global digital ventures to take root in Pakistan. While ride-hailing is sunsetting, Careem's journey in Pakistan continues in a different role. Careem Technologies (the spinout building the Everything App) will continue to build from Pakistan for the region. Nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/grocery delivery, payments, and more). This presence is only set to grow, with over 100 open roles and the expansion of our Falcon / NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems. Pakistan is in Careem's DNA - our first line of code was written here, and the country remains a rich source of innovation and talent for us. Our commitment to Pakistan remains strong, and I sincerely hope to bring Careem's services back to the country in the future. Lastly, I feel deeply grateful to the heroes who built Careem in Pakistan under the bold leadership of Junaid Iqbal. THANK YOU - you all made it happen against all odds. Your boldness, brilliance and passion shaped Careem and inspired a generation. I am incredibly proud of you all and can't wait to see the impact you will make across the region in the next chapters of your life.
Business Recorder
18-06-2025
- Business
- Business Recorder
Careem to end ride-hailing services in Pakistan, blames ‘challenging macroeconomic reality'
Careem will suspend its ride-hailing service in Pakistan on July 18, its CEO and co-founder Mudassir Sheikha announced on LinkedIn. He said that 'challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country.' However, Careem is not pulling out of the country completely. Sheikha said Careem's journey in Pakistan continues in a different role. Careem Technologies - the spinout building the Everything App, a daily-use lifestyle app, will continue to build from Pakistan for the region, he said. Taxing the digital frontier: Pakistan's bold move to tap e-commerce and online revenues Nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/grocery delivery, payments, and more). 'This presence is only set to grow, with over 100 open roles and the expansion of our Falcon / NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems,' he added. Sheikha said the decision was a difficult one, and that 'it's the end of an iconic chapter - one built with purpose, grit and a ton of relentless hustle.' Meanwhile users of the app have recieved a message saying Careem Care will remain available until 18 September 2025, to help with issues. For those who have remaining balance in their Careem Wallet, the company will be in touch with instructions on how to reclaim it. Careem was launched in July 2012. It started as a website-based service for corporate car bookings in Dubai and later expanded into a ride-hailing platform across the Middle East, North Africa, and South Asia. Careem entered Pakistan in 2015, where it became one of the leading ride-hailing services. It was acquired by Uber in a high-profile deal in 2020. While Sheikha did not delve into details, it is true that currency depreciation, high inflation, and fluctuating interest rates have raised operational costs for firms in Pakistan. Is the budget changing how government views e-commerce? Dollar shortages and import restrictions have made it harder for companies to repatriate profits or fund tech infrastructure. Ride-hailing services in the country have faced inconsistent regulations and licensing hurdles while shifting policies across provinces, unclear taxation rules, and lack of regulatory support for gig-economy models add unpredictability. What's more, in its latest budget announcement, the government introduced the digital transactions proceeds levy - a 5% withholding levy that will be applied to payments made to domestic and international digital vendors - as well as an 18% e-commerce tax.
South China Morning Post
01-05-2025
- Business
- South China Morning Post
Gold delivered to your door in Dubai by Uber when you buy 24-carat coins on its Careem app
Dubai residents can now have 24-carat gold coins delivered to their homes in less than an hour as super app Careem targets millions of Indians in the United Arab Emirates (UAE). Advertisement Dubai-based Careem Technologies, a spin-out from Uber Technologies' Middle Eastern subsidiary, has launched a campaign that allows users to buy up to 10,000 dirhams (US$2,700) of physical gold in a single order. The gold is supplied and certified by Tanishq, the flagship brand of India's biggest jeweller, Titan Co. The roll-out of the new feature coincides with Akshaya Tritiya, a Hindu festival in which buying gold is considered auspicious. Indians make up about a third of the UAE's population of over 10 million people, and the country continues to attract expats with the promise of jobs and low tax rates.
Business Times
01-05-2025
- Business
- Business Times
Uber Mideast unit delivers gold coins to doorsteps in Dubai
[DUBAI] Dubai residents can now have 24-carat gold coins delivered to their homes in less than an hour as super app Careem targets millions of Indians in the United Arab Emirates. Dubai-based Careem Technologies, a spin-out from Uber Technologies' Middle Eastern subsidiary, has launched a campaign that allows users to buy up to 10,000 dirhams (S$3,561) of physical gold in a single order. The gold is supplied and certified by Tanishq, the flagship brand of India's biggest jeweller Titan. Rollout of the new feature coincides with Akshaya Tritiya, a Hindu festival in which buying gold is considered auspicious. Indians make up about a third of the UAE's population of over 10 million people, and the country continues to attract expats with the promise of jobs and low tax rates. 'We made gold available through Careem to support our many Hindu customers during Akshaya Tritiya. Next month, we're bringing back our popular Udhiyah meat delivery service for Eid Al Adha – which was a hit with customers in Dubai and Abu Dhabi last year,' said Chase Lario, vice-president at Careem Groceries. The precious metal has rallied 25 per cent this year as an expanding trade war has sent investors fleeing to safe-haven assets. Gold rose to a record of US$3,500 an ounce last week, after chalking up 27 successive all-time highs this year. These gains have been supported by central bank buying, ETF investors, and macro funds seeking a hedge against lagging US equities. Careem shareholders include majority stakeholder Emirates Telecommunications Group, which acquired 50.03 per cent of the app for US$400 million in 2023; Uber, which owns all of Careem's ride-hailing business, and Careem's co-founders. The so-called everything app offers food and grocery deliveries, car rentals and money transfers as well as laundry, home cleaning and donation services. 'As a local brand, we are always looking for solutions to simplify life for our customers in culturally relevant ways,' Lario said. BLOOMBERG
Gulf News
30-04-2025
- Business
- Gulf News
Uber's Mideast unit Careem is delivering gold coins to doorsteps in Dubai
Dubai residents can now have 24-carat gold coins delivered their homes in less than an hour as super app Careem targets millions of Indians in the UAE. Dubai-based Careem Technologies, a spin-out from Uber Technologies Inc.'s Middle Eastern subsidiary, has launched a campaign that allows users to buy up to 10,000 dirhams ($2,723) of physical gold in a single order. The gold is supplied and certified by Tanishq, the flagship brand of India's biggest jeweler Titan Co. Rollout of the new feature coincides with Akshaya Tritiya, a Hindu festival in which buying gold is considered auspicious. Indians make up about a third of the UAE's population of over 10 million people, and the country continues to attract expats with the promise of jobs and low tax rates. The precious metal has rallied 25% this year as an expanding trade war has sent investors fleeing to safe haven assets. Gold rose to a record of $3,500 an ounce last week, after chalking up 27 successive all-time highs this year. These gains have been supported by central bank buying, ETF investors, and macro funds seeking a hedge against lagging US equities. Careem shareholders include majority stakeholder Emirates Telecommunications Group, which acquired 50.03% of the app for $400 million in 2023; Uber, which owns all of Careem's ride-hailing business, and Careem's co-founders. The so-called everything app offers food and grocery deliveries, car rentals and money transfers as well as laundry, home cleaning and donation services. The company didn't respond to a request for comment about adding gold delivery to this list.
