UAE’s Careem to invest $100 mln in R&D, expansion

Dubai-based car booking service Careem will invest $100 million into research and development over the next five years as it pushes ahead with a global expansion strategy.

The company, which is backed by Tadawul-listed Al Tayyar Travel Group, will grow its team in the United Arab Emirates and Pakistan, and open new R&D centers in Egypt and Germany, it said in a statement.

Fifty engineers will join the team in Pakistan, which will work to enhance the user experience, quality and performance of the Careem app.

“Careem is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D, which is why we have announced this investment today," said Magnus Olsson, co-founder and chief navigator, CAREEM.

Founded in 2012, Careem is present in 27 cities across the MENA region and Pakistan.

The company currently has 3 million registered users and more than 50,000 captains and is backed by several other investors, including Saudi Telecom Ventures, The Abraaj Group, Beco Capital, Impulse, Lumia Capital and Wamda Capital.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com