Dubai-based Careem starts Saudi bus service

A Careem Networks FZ driver waits for a ride-hailing customer while a Roads and Transport Authority (RTA) taxi drives past skyscrapers standing on the skyline beyond in Dubai, United Arab Emirates. Photographer: Christopher Pike/Bloomberg

Careem Networks FZ, the Dubai-based company recently acquired by Uber Technologies Inc. for $3.1 billion, started a bus service in Saudi Arabia as the ride-hailing firm expands into mass transport.

The company, which started a similar service in Egypt in December, will provide a direct ride between Jeddah on the Red Sea to the holy city of Mecca for 25 riyals ($6.7) each way. The distance between the two cities is about 85 kilometers (53 miles.)

The service aims to capture traffic from millions of religious visitors and residents of Saudi Arabia performing Umrah, Islam’s minor pilgrimage. It will start with 13-seat buses, Careem said in a statement.

Careem has also branched out into into food and package deliveries, scheduled rides as well as credit transfers. Uber announced the acquisition in March but the deal allows Careem to continue to operate as a standalone brand.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.