Careem to invest $100m during next five years to improve app-based cab service

Careem, the app-based cab booking service, has said it is to invest US$100 million in research and development (R&D) during the next five years.

This will include growing its teams in the UAE and Pakistan, plus opening new R&D centres in Egypt and Germany, it said.

Magnus Olsson, co-founder and chief navigator at Careem, said the company needs to “double-down on R&D” to continue innovating in the region.

In Pakistan, Careem has added 50 engineers, who have joined from VentureDive, a technology solutions firm.

Launched in 2012, the company currently has 3 million registered users and more than 50,000 captains, and is backed by investors Saudi Telecom Ventures, Al Tayyar Travel, The Abraaj Group, Beco Capital, Impulse, Lumia Capital and Wamda Capital.

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