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The Local Business That Could: Saudi Billionaire Invests 62 Million Dollars And Palestine Expansion On The Way For Careem

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Times are good for Careem, the locally based transport company which operates in 53 cities in the MENA and South Asian region has just announced their transport-hailing app is now available in Palestine. 

Following the announcement that they’re rolling out services in Palestine comes the news the a Saudi billionaire has invested $62 million dollars in the company.

Careem was valued at $1 billion in a recent valuation, following a total of $500 million earned through fundraising. 

A statement from the company

“Our region is unfortunately filled with instability and ambiguity. Populations are soaring and youth unemployment is the highest in the world. Mobility in our cities (or lack thereof) has held back economic growth. Nowhere in the region is this more apparent than Palestine, where mobility is severely constrained and has limited economic opportunity for a talented and driven workforce.  
 
That’s why, during the early stages of Careem, we resolved to build an organization that would use mobility as a force of good, as a means to create millions of jobs and as a dependable transport medium for people of the region to realize their potential.
 
Our entry into Palestine is in line with our commitment to bettering our region and our dedication to creating opportunities. We will work hard to enhance our captains’ lives through enriching training and growth opportunities, and we will give them a platform through which they can offer their services respectably and seamlessly to people that need them. Our work in Palestine will help us closer to our goal of creating one million jobs in the region by 2018.
 
At the same time, we aim to shine a light on Palestine as an opportunity for investment by other startups and local businesses. Palestine is home to amazing tech talent; however, few companies outside Palestine take advantage of this fact. We feel blessed about the fact that we’ve already inspired a new wave of entrepreneurship in the region, and we hope our move into Ramallah will give other companies a compelling new option for tapping into the local talent pool.
 
Careem’s mission to make people’s lives simpler comes down to connecting people from point A to point B without hassle – something we hope to do for all Palestinians. We are excited to bring our experience, our technology and our innovation to Palestine, and we’re looking forward to engaging with the superior tech talent within the country.”

The expansion news came ahead of the news that a Saudi Billionaire had invested in the company

Prince Alwaleed bin Talal of Saudi Arabia has just become part of a $500 million fundraising effort, along with Daimler AG, a luxury German automative brand.

According to reports the Prince invested $62 million dollars which will provide him with a 7.2% stake in the company and a seat on the Careem board network.

The regional favourite transport app is giving back this Ramadan

At the beginning of the holy month, the company announced they would double any donation their customers made to UNHCR – the UN refugee agency. Simply book a UNHCR car to donate AED3 and the company will match it. 

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