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.

Also Read: Saudi Arabia To Transform Downtown Riyadh By 2030

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

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

7 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.