“We believe ride hailing, or a version of it, is the best way to build public transport today,” Mudassir Sheikha said in an interview in Dubai, where Careem is based. There’s a Middle Eastern city “that’s building a metro bus system for $700 million dollars that will transport 200,000 people. If they invested the same amount in ride-hailing, it would have capacity for 1.5 million people and create 100,000 jobs.”
Careem, Uber Technologies Inc.’s largest rival in the Middle East, is one of the most visible technology companies in a region drawing growing interest from investors. According to Magnitt, an online data platform for the technology ecosystem in the Middle East and North Africa, 2017 is on track to be a record year for funding, with the number of deals and the amount of startup investment increasing. Careem is the region’s only unicorn company, counting Rakuten Inc., Kingdom Holding Co., China’s Didi Chuxing and Daimler AG among its investors.
www.bloomberg.com/news/articles/...pend-beats-road-investment