Careem, a ride-hailing platform in the Middle East is looking to double its network within the next three years. They plan on accomplishing this by cultivating the region's market and diversifying operations.
"We aim to be in close to 200 cities in 20 countries in three years," CEO Mudassir Sheikha told the The Nikkei. Careem started in 2012 as a ride-hailing service for businesses and has expanded to more than 90 cities in 13 countries with a particularly strong presence in Pakistan, Egypt and Saudi Arabia.
"We are growing 20-25% month on month service volume wise," said Sheikha, who explained that such rapid growth is possible in the Middle East due to its lack of transportation infrastructure -- unlike Europe, Japan and the U.S.
Careem's service is available from Western Asia to the Middle East and North Africa. But Sheikha believes the company has penetrated "less than 1%" of the market. Transportation services in the region are "a $100 billion-plus opportunity" that is largely untapped, he added.
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