News

Careem Suspends Its Ride-Hailing Services In Qatar

The announcement comes without any official explanation, though is thought to be due to a lack of regulatory approval.

Published

1 year ago

February 28, 2023

careem suspends its ride-hailing services in qatar

Yesterday (Monday, February 27), Uber Technologies sent a message to customers informing them that Careem, the Dubai-based company acquired by the ride-hailing giant in 2019 for $3.1 billion, will cease operations in Qatar today.

The surprise announcement comes just two months after Qatar’s soccer World Cup, which saw Careem-branded vehicles forming part of the official transport infrastructure, alongside Uber cars and local taxis from Karwa.

careem qatar message to users

“Unfortunately, Careem’s ride-hailing operations will no longer operate in Qatar as of February 28, 2023,” informed the message, telling customers that Careem credit would be refunded by March 15, 2023.

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Careem’s message did not explain the cancellation of the service, and no one has responded to requests for comment, including parent company Uber.

Careem only offered ride-hailing services in Qatar, unlike larger Middle Eastern markets like the United Arab Emirates, where the super app also provides food delivery, digital payments and courier services.

The company suspended its services in Lebanon last year due to the unfavorable economic situation in the country.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.