Latest news with #Sheikha
TAG 91.1
17 hours ago
- Business
- TAG 91.1
UAE hosts GCC policy dialogue to advance women's economic empowerment
A dialogue on women's economic empowerment concluded in Dubai, with GCC countries backing efforts for joint legal reforms, childcare investment and knowledge exchange across institutions. Led by the UAE Gender Balance Council and the World Bank, the workshop brought together leaders from the UAE, Saudi Arabia and Bahrain to share policies and strategies that expand women's participation in the workforce. A joint brief was presented to guide future cooperation, marking a key step toward building inclusive, opportunity-driven economies across the region. Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, President of the Dubai Women Establishment and wife of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said, 'Women's economic empowerment is not simply a policy objective, it is a force for transformation. It strengthens institutions, drives innovation, and ensures that progress is inclusive, resilient, and sustainable.' Since its establishment in 2015, the Council has led policies, legal reforms and partnerships aimed at embedding gender balance across national institutions and economic systems.
Business Recorder
2 days ago
- Business
- Business Recorder
Careem to suspend decade-old Pakistan service
KARACHI: After more than a decade of operations, Careem announced on Wednesday that it will shut down its ride-hailing services in Pakistan, effective July 18. Mudassir Sheikha, CEO of Careem, announced the decision via a post on the professional networking platform LinkedIn. 'It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18.' Sheikha described it as an incredibly difficult decision, citing a combination of factors- challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in Pakistan. 'In the end, the Careem Rides team had to make this tough call.' Careem, a multinational ride-hailing company founded in 2012, entered the Pakistani market in October 2015. In 2019, it was acquired by Uber for $3.1 billion, solidifying its position as the largest unicorn in the Middle East and opening new avenues for startups across the region. Sheikha said that despite numerous challenges, Careem's Pakistan team remained brilliant and fearless-bold, determined, and driven by a mission to create millions of job opportunities for captains across the country. 'They (Careem Team) did not just build a service that millions of Pakistanis relied on to move and earn, they delivered significant public goods: digital infrastructure, trust, regulation, capability, confidence - all of which paved the way for countless local and global digital ventures to take root in Pakistan', he added. He said that while ride-hailing is sunsetting, Careem's journey in Pakistan continues in a different role. Careem Technologies (the spinout building the Everything App) will continue to build from Pakistan for the region. He mentioned that nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/ grocery delivery, payments, and more). This presence is only set to grow, with over 100 open roles and the expansion of our Falcon/ NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems, he added. 'Pakistan is in Careem's DNA-our first line of code was written here, and the country remains a rich source of innovation and talent for us. Our commitment to Pakistan remains strong and I sincerely hope to bring Careem's services back to the country in the future', CEO Careem said. He also paid tribute to those heroes who built Careem in Pakistan under the bold leadership of Junaid Iqbal. Setup in 2012, Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan and creating earnings for over 2.5 million Captains. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Business
- Express Tribune
Careem to suspend services effective July 18
Listen to article Careem, the first ride-hailing app to pave the way for many others in Pakistan, has announced it will suspend its ride-hailing services on July 18, 2025. CEO and Co-Founder Mudassir Sheikha shared the news on LinkedIn, citing "the challenging macroeconomic reality, intensifying competition, and global capital allocation" as key reasons making it difficult to justify further investment to maintain a safe and dependable service. Careem's decision marks another setback in Pakistan's struggling start-up landscape, which has seen several high-profile closures since 2022, including Airlift, Swvl, Jugnu, and Retailo. Sheikha stressed that Careem's role in Pakistan extended far beyond transport. "It delivered significant public goods — digital infrastructure, trust, regulation, capability, and confidence — that paved the way for countless local and global ventures to take root in Pakistan," he said. Though ride-hailing services will cease, Careem's presence in Pakistan will continue through Careem Technologies, which is building the "Everything App" from Pakistan for the wider region. Sheikha noted, "Nearly 400 colleagues across all functions (including engineering) are building the app and its ecosystem — food/grocery delivery, payments, and more." He added the company is hiring for over 100 open roles and expanding its Falcon/NextGen programme. Commenting on future prospects, Sheikha said, "Our commitment to Pakistan remains strong, and I sincerely hope to bring Careem's services back in the future." App users have been informed, with Careem Care promising instructions on how to reclaim existing wallet balances. Dr Noman Said, CEO of SI Global Solutions, called the exit a "wake-up call for Pakistan's digital economy." He added, "Careem's suspension is more than a transport inconvenience — it's a red flag for foreign investors. Urban commuters are losing a trusted service, and female riders are particularly affected. The move highlights deeper systemic issues in Pakistan's tech ecosystem." Pakistan recorded a 91% year-on-year drop in Foreign Direct Investment (FDI) in April 2025. With tech start-ups shutting down, investor confidence continues to erode. "The message is clear: Pakistan is becoming an increasingly risky destination for tech-driven capital, he added. To reverse this trend, Pakistan must urgently ensure regulatory transparency, offer digital investment incentives, support inclusive mobility solutions — especially for women — and strengthen facilitation via the Special Investment Facilitation Council (SIFC)," Said noted. A former Careem employee told The Express Tribune, "Careem was a first-mover and made a real impact. From enabling income opportunities to improving female mobility, its contributions went beyond business. The decision reflects changing business realities, and leaders at Uber and Careem made the necessary call." Faryal, a loyal user, said she preferred Careem for its digital payment options and safe, well-trained drivers. Hiba Shimlawala, another frequent user, shared her disappointment. "I just found out Careem is shutting down — I'm stunned. I've used it daily since 2023 because I don't have a car. I thought they were doing well, especially after acquiring Uber's operations in Pakistan. It always felt safer. I'll have to try Yango or inDrive now, but I'm sad to see Careem go."
Time of India
2 days ago
- Business
- Time of India
Careem CEO has an update on company's Pakistan operations: With a heavy heart ...
Uber 's Middle Eastern ride-hailing giant Careem has announced that it is shutting down its operations in Pakistan , effective July 18, 2025. The company's co-founder and CEO Mudassar Sheikha shared the news of suspension of the services of Careem via a LinkedIn post. In a long LinkedIn post, Sheikha wrote, 'It is with a heavy heart that I share this update… This was an incredibly difficult decision.' He cited macroeconomic challenges , intensifying competition, and global capital constraints as key reasons behind the move, saying the company could no longer justify the investment needed to maintain a safe and reliable service in the country. Sheikha also lauded the Pakistani team's "brilliant and fearless" efforts in building a service that millions relied on for daily commutes and earnings. Despite the suspension of its ride-hailing service, Careem's presence in Pakistan will continue in a different capacity. Careem Technologies , a spin-off focused on building the "Everything App" for the region, will maintain its operations from Pakistan. Read Careem CEO Mudassar Sheikha's complete LinkedIn post here A new chapter for Careem in Pakistan by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What She Did Mid-Air Left Passengers Speechless medalmerit Learn More Undo It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18. This was an incredibly difficult decision. The challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country. In the end, the Careem Rides team had to make this tough call. It's the end of an iconic chapter - one built with purpose, grit and a ton of relentless hustle. I still remember when we launched in 2015, many thought it was a pipe dream. Safe rides on demand? Women traveling with strangers? Smartphones and digital payments for everyday use? The challenges were real and formidable. But our Pakistan team was brilliant and fearless - bold, determined, and literally on a mission to create millions of jobs for captains across the country. They did not just build a service that millions of Pakistanis relied on to move and earn, they delivered significant public goods: digital infrastructure, trust, regulation, capability, confidence - all of which paved the way for countless local and global digital ventures to take root in Pakistan. While ride-hailing is sunsetting, Careem's journey in Pakistan continues in a different role. Careem Technologies (the spinout building the Everything App) will continue to build from Pakistan for the region. Nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/grocery delivery, payments, and more). This presence is only set to grow, with over 100 open roles and the expansion of our Falcon / NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems. Pakistan is in Careem's DNA - our first line of code was written here, and the country remains a rich source of innovation and talent for us. Our commitment to Pakistan remains strong, and I sincerely hope to bring Careem's services back to the country in the future. Lastly, I feel deeply grateful to the heroes who built Careem in Pakistan under the bold leadership of Junaid Iqbal. THANK YOU - you all made it happen against all odds. Your boldness, brilliance and passion shaped Careem and inspired a generation. I am incredibly proud of you all and can't wait to see the impact you will make across the region in the next chapters of your life.
Arab News
3 days ago
- Business
- Arab News
Careem suspends ride-hailing operations in Pakistan amid economic headwinds
ISLAMABAD: Careem, the Dubai-based super-app with operations in 70 cities worldwide, will suspend its core ride-hailing service in Pakistan from today, Wednesday, due to worsening economic conditions and stiff market competition, its co-founder announced in a statement on LinkedIn. Careem launched in Pakistan in 2015 and quickly became a household name for offering a cheap and easy alternative to traditional taxis and rickshaws. The company's app-based service helped popularize cashless payments and gave flexible income opportunities to thousands of drivers, known as 'captains.' 'This was an incredibly difficult decision [to suspend operations]. The challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country,' Sheikha said. In recent years, Pakistan's economic downturn, currency depreciation and rising fuel costs have squeezed ride-hailing margins. Local players and international competitors, including Uber, which acquired Careem's regional ride-hailing business in 2020, have also intensified competition for drivers and customers in key cities like Karachi, Lahore and Islamabad. Despite shutting down ride-hailing, Sheikha said Careem remained committed to its technology and engineering presence in Pakistan. 'Careem Technologies ... will continue to build from Pakistan for the region. Nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/grocery delivery, payments, and more),' Sheikha said about the all-in-one super app that aims to combine multiple daily services in a single mobile app. 'This presence is only set to grow, with over 100 open roles and the expansion of our Falcon / NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems.' Sheikha said Pakistan was in Careem's DNA and its first line of code was written in Pakistan. 'I sincerely hope to bring Careem's services back to the country in the future,' Sheikha said.
