News

Careem Is Officially Suspending Its Services In Lebanon

Careem customers who have outstanding Careem credit or REWARDS points are encouraged to use them before March 25, 2022.

Published

2 years ago

March 23, 2022

careem is officially suspending its services in lebanon

Recently, vehicle for hire company Careem has announced its decision to leave Lebanon due to the unfavorable economic situation in the country.

“Unfortunately, due to the current economic environment in the country, we deeply regret that we’ve had to make the difficult decision to suspend our services in Lebanon starting from March 25, 2022” said the Careem team in the official statement.

careem suspending services in lebanon official statement

Careem customers who have outstanding Careem credit or REWARDS points are encouraged to use them before March 25, 2022. If they don’t make the deadline, their remaining credit will be automatically refunded.

REWARDS points can be redeemed through the Careem app, by converting them to Emirates Skyward Miles or donating them to charity.

Careem was founded in 2012 as a service for corporate car bookings. The service gradually expanded to include personal ride-hailing and food delivery. In 2019, Careem was acquired by Uber for $3.1 billion, which made it the first unicorn startup company in the Middle East (not including Israeli unicorn startups).

Also Read: PayPal In Lebanon: Everything You Need To Know

During the first 10 months of 2021, Careem recorded 4.3 million rides, with 52 percent of its customers using the service to commute to work, and 46 percent using it for leisure trips.

It’s now clear that Careem’s success hasn’t been enough to offset the worsening economic situation in Lebanon. Since the start of the economic crisis, the Lebanese pound has lost more than 90 percent of its value, following a 58.1 percent contraction of Lebanon’s GDP between 2019 and 2021.

What’s more, the company has faced stiff competition from Bolt, which currently charges approximately the same as regular taxi drivers do for shorter trips. It’s tough to see yet another business leave Lebanon, but during times like this, there’s only one thing to say – yalla, bye!

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

13 hours ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.