Skip to main content

Didi Chuxing invests into Careem to gain Middle East

Didi Chuxing invests in Careem to expand its global coverage to the Middle East. Beijing-based ride-sharing giant expanded once again in a financing deal for Careem as Uber's strongest competitor in the Middle East with valuations in excess of US$1billion. A week ago Didi has taken the same strategic step with Taxify to reach the European and African markets.

Tinuku Didi Chuxing invests into Careem to gain Middle East

Both did not disclose the amount of the investment. Didi was founded by Cheng Wei, Zhang Bo and Wu Rui in 2012 also have shares in Lyft in the United States, Ola in India, 99 in Latin America and Grab in Southeast Asia. The company has also acquired Uber China in 2016.

This technology company has a market share just behind Uber and has moved in head to head competition. Didi made a massive expansion into the global money market, expertise and technological capabilities that have been developed to serve 400 million users in China.

"Didi Chuxing brings AI's advanced skills, insights and expertise to our organization as it into the next stage of growth," Careem CEO Mudassir Sheikha said in a statement.

Careem was founded by Sheikha, Magnus Olsson and Abdulla Elyas in 2012 in Dubai and has since become a great competitor of Uber in the Middle East. In June they raised US$500 million of funding by investors including Daimler, Rakuten and Saudi Telecom Company (STC).

The Startup has a valuation of US$1.2 billion and operates in 80 cities across 13 countries in the Middle East and North Africa. The company claims to have more than 12 million registered subscribers and more than 250,000 drivers. In July, Careem invested money into Swvl headquartered in Egypt.

"The evolution in our long relationship will enable Careem to be more successful in pursuing growth opportunities through continuous innovation and sustainability," Sheikha said.

Didi says the global collaboration framework covers more than 60 percent of the world's population in 1,000 cities. Strategic measures have placed Didi's position clearly about his next business ambition.


Popular posts

European Union and ASEAN to restart Free Trade Agreement

Tinuku - European Union (EU) and ASEAN have agreed to restart the process of forming Free Trade Agreement (FTA). Singapore Prime Minister Lee Hsien Loong as ASEAN coordinator for EU-ASEAN relations said on Saturday to build a framework to identify potential sectors to finalize the deal.

Lee also said the EU and ASEAN had agreed to restart the process of establishing a free trade agreement between the two blocs. The EU and ASEAN launched talks towards a pact in 2007 but ignored the process two years later as the EU voted to negotiate bilaterally with each country.

"As coordinators, we look forward to forming a framework to identify where areas where we have the potential to make a deal," Lee said.

"Working on a deal may take longer than the end of the year. But if we can identify where the big opportunities are, our trade-offs, then I hope we will have better success," Lee said.

"One of the things we expect is that European nations are able to manage their soci…

Rolls-Royce plans for flying taxi service

Tinuku - Rolls-Royce Holdings plc has designed a propulsion system for flying taxi and is starting search for partners to help develop a project it hopes could take to the skies as soon as early next decade. British jet engine maker said on Sunday it had drawn up plans for an electric vertical take-off and landing (EVTOL) vehicle which could carry to five people at speeds of up 250 mph for approximately 500 miles.

The company joins a variety of companies racing to develop flying taxis, which could revolutionize the way people travel. Aviation and technology leaders are working to make electric-powered flying taxis a reality, including Airbus, U.S. ride- sharing firm Uber and a range of start-ups including one backed by Google co-founder Larry Page, called Kitty Hawk.

Rolls-Royce’s design will be showcased in digital form at the Farnborough Airshow, which starts on Monday. The company is looking for an airframer and a partner to provide aspects of the electrical system to help commerci…

Britain announced its first launch site for the space market

Tinuku - UK on Monday ran an important leap for the construction of the first vertical launch space launch site. The proposed space port at Sutherland in the north of Scotland has been awarded US$3.3 million in funding by the government-owned UK Space Agency to develop a ground-breaking launch site.

Government Business Secretary Greg Clark Monday launched the start of a Great British Space Age that will see vertically-launched space rockets and satellites take off from the new spaceport. UK Space Agency said it selected the Sutherland site because Scotland is the best place in Britain to reach highly sought-after satellite orbits with vertically launched rockets.

The initial funding will go to Scotland's Highlands and Islands Enterprise agency to develop the Sutherland site which will use a combination of proven and innovative rocket technologies to pave the way for a world-leading spaceflight market.

The UK Space Agency is also making available a new 2.65 million U.S. dollar fund…

Psychoengine studio build Honda GL 200 single-cylinder engine turns into Five Dragons 5-cylinder

Tinuku ~ Studio Psycoengine based in Purwokerto, Indonesia, building works Honda Tiger with a 5-cylinder rotary. Custom motorcycle entitled "Five Dragons" by M Yusuf Adib Mustofa emerged as the Best of the Best Kustomfest 2016 Legend Reborn.