CAREEM, the region's major app-based car service, has announced a new research and development (R&D) strategy, and plans for global expansion.
Over the next five years, CAREEM will invest $100 million in R&D, which includes growing its team in the UAE and Pakistan, and opening new R&D centers in Egypt and Germany.
The investment aims to accelerate innovation in transportation-related technology infrastructure for the region and keep CAREEM at the forefront of this dynamic new industry.
“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups,” said Magnus Olsson, co-founder and chief navigator, CAREEM.
“These startups are using technology to improve the lives of people in the region. 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,” he added.
A key element of the new R&D strategy involves expanding the company’s engineering footprint in Pakistan. Today, an additional 50 engineers join the CAREEM team in Pakistan.
The engineers will be joining the company from VentureDive, a technology solutions company that creates and invests in technology products and services that simplify and improve lives of people worldwide. The new team will work to enhance the user experience, quality and performance of the CAREEM app.
“We are thrilled to see that a technology team we incubated is being acquired by CAREEM, a regional institution backed by global investors,” said Atif Azim, CEO, VentureDive.
Founded in 2012 by Mudassir Sheikha and Magnus Olsson, ex-McKinsey consultants, and Abdulla Elyas, CAREEM has experienced more than 30 percent month-over-month growth since its inception and has expanded across 27 cities in the MENA region and Pakistan.
Over the next five years, CAREEM will invest $100 million in R&D, which includes growing its team in the UAE and Pakistan, and opening new R&D centers in Egypt and Germany.
The investment aims to accelerate innovation in transportation-related technology infrastructure for the region and keep CAREEM at the forefront of this dynamic new industry.
“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups,” said Magnus Olsson, co-founder and chief navigator, CAREEM.
“These startups are using technology to improve the lives of people in the region. 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,” he added.
A key element of the new R&D strategy involves expanding the company’s engineering footprint in Pakistan. Today, an additional 50 engineers join the CAREEM team in Pakistan.
The engineers will be joining the company from VentureDive, a technology solutions company that creates and invests in technology products and services that simplify and improve lives of people worldwide. The new team will work to enhance the user experience, quality and performance of the CAREEM app.
“We are thrilled to see that a technology team we incubated is being acquired by CAREEM, a regional institution backed by global investors,” said Atif Azim, CEO, VentureDive.
Founded in 2012 by Mudassir Sheikha and Magnus Olsson, ex-McKinsey consultants, and Abdulla Elyas, CAREEM has experienced more than 30 percent month-over-month growth since its inception and has expanded across 27 cities in the MENA region and Pakistan.
