Business

Saudi Telecom Endows a Huge Sum of Uber’s the Middle East Rival

Saudi Telecom Endows a Huge Sum of Uber’s the Middle East Rival

The Saudi telecom services are one of the leading provider companies which offer the users with the landline, internet services, and other computer network connections. The organization has worked for many numbers of years with great dedication and hard work to reach its position where it is currently. The company has deepened its roots into many parts of the country to make it even more successful and promising. It’s a customer friendly company which is keen on customer satisfaction and always checks over the needs of its customers and renders them perfectly to their satisfaction level. The company has gone down the floor investing $100 million of US money over the famous ride-hailing application Uber.

Uber

The Saudi telecom possesses ten percent of the revenues from Careem. Introducing Careem, this is said to be a so-called rival of Uber. This is also a ride-hailing service which renders the same as Uber. The company was founded by Magnus Olsson and Muddasiar Sheikha at the year 2012. The app-based ride sharing service is a newbie to the industry which was initially launched in Dubai. Information from a few sources infers that the company is said to launch their services in eleven other countries in coming years. The company runs around 47 cities including Pakistan Turkey and fewer parts of North Africa. Across these countries, the company has acquired revenue of $72 million. The company employs about fifteen thousands of drivers in and out of its country headquarters and has about six million of active users.

As discussed earlier Saudi Telecom Company is an investor on the Dubai’s ride-sharing application fame Careem. Alongside Careem worked with another group called Credit Suisse Group AG which commented on Careem when the organization said that they can increase the revenues because of their outcomes which sum up to $500 million. The comment was that the company is capable of increasing its net value towards $1 billion by this September and also the company made it to $60 million at the end.

Uber is no less when compared to Careem; in fact, it is a way better than the Dubai fame ride-hailing application. Uber has joined hands with a few organizations at Saudi either. The company was invested by the Middle East rival with a value ranging to $100 million in US dollars. The company had also worked on new strategies to bring up their level of revenues. Already they have reached up to $350 million as far as now per annum, well yeah! That’s actually a decent income. The major countries at which Uber makes a lot of profit has a higher market value in their stocks. The render services of better quality than that of Careem. They hire only skillful drivers to their enterprise and those who perform worse will not long in that association. Uber deepens itself with its roots and works with a forecasted mind of the future letting the technology enhance their organization. The concept of autonomous cars is a good example for this. The approach is yet to get on floors, once the approval is done with this concept Uber would go places.

Saudi is now overrunning with a lot of profits and money as there a lot of startups who have also invested in this country. Though it’s not going to matter as a big surprise for STC as the organization usually takes up a lot of projects which brings in higher yield. But when the current scenario is taken into account two companies are in drastic help in helping the company grows its revenues. Careem, which was already inside the league with STC who have favored the organization with equity over its earlier investment and better outcomes. The investments from the online transportation application are completely independent and don’t have a control over any investment firms that is taken into count. This time it has taken a decision or (to sound even more significant) the strategy to invest in a concept which is in the flow of the innovation the digital world has acquired.

Uber on competition with this four-year-old newbie ride-hailing application has almost invested $3.5 million on a few enhancements. Nobody can enthrone Uber, though. Undoubtedly Uber get an income higher than other applications which are in competition with it. On a competitive basis, one should always be a precaution on his acts though they are way too stronger than their contenders. Even the tortoise won the rabbit in a race when the stronger opponent is lethargic and underestimated his challenger.

According to crunch base reviews over Careem, it has commented that Careem has been through a major step up at this phase of its growth. The $350 million dollar revenue has brought up a good hike in its position. Crunch base is basically a database which consists of all investments such as the capital of any venture firm, the investments by any investors and also the investments involved with startups. The crunch base is one of the leading destinations where we can explore the current trends in the market, the stocks of the market over the investments and information about the million of existing companies around the world irrespective of the size, nature, and identity of each company. We can get authenticated details about any company we seek for. The new updates and changes can be made only by the owner of the crunch base the Blog Tech. this seamlessly worked a significant tool for collecting information about the startups around us. And finally, we got an authenticated review about the online transportation booking company, Careem.

There are websites similar to Uber and Careem who has summed up to one billion dollars of funds raising funds of the previous year. The estimate was taken the first quarter of the year by Bloomberg. Two of the significant sites who made it to a higher value in their revenues are Souq.com and Amazon Inc. As we know very well about the most famous online marketing application Amazon. It is not to our surprise to see Amazon in the listicle as we all know that Amazon is making good revenues over past years and the market value would be relatively high due to these reasons. Amazon has become an all time favorite to all of the constant user of internet and those who rely upon most of the things through the internet. Another website is Souq.com which is probably the first startup online marketing site to reach one billion revenues and to reach a region of a status being as a unicorn.

Bottom line

Uber is the most famous application around the applications which deals with online booking of transportation all around the world. Uber works around four hundred cities around the world which also includes the Middle East and also challenges with the leading applications and companies belonging to that country. Uber has also given a tough competition and a lot other financial ties to those companies. The giant ride-hailing application has announced that it has been taken an investment worth $3.5 billion from the PIF (Public Investment Fund) of Saudi Arabia and the valuation reaches up to $62 billion at the end. It is also said that women population residing Saudi Arabia are not allowed to drive a vehicle from their country’s norm and that can also be a reason for the hike since eighty percent of women population use Uber.

Author Bio :-

Anand Rajendran is CEO and Co-Founder of Zoplay, best PHP scripts development company located in India. Zoplay is a part of Casperon Technologies a leading social and mobile development company. I’m a Tech geek, Digital marketing expert, Entrepreneur, and Atheist who loves to write everything about PHP Scripts and mobile application development. Cabily is a clone of Uber, which developed by the tech gigs of his company.

Comments

View Comments (1)

1 Comment

  1. Ansa

    March 31, 2017 at 12:34 pm

    Saudia is developing very fast in the technology field. Some of the dissertation writers has explained this big game in very detail.

You must be logged in to post a comment Login

Leave a Reply

Business

More in Business

South Korean web-facilitating firm Nayana

South Korean firm’s ‘record’ ransom payment

Sarah AliceJune 21, 2017
Apple Hires Sony TV Executives

Apple Hires Sony TV Executives to Boost Video Content

Liza NicholeJune 21, 2017
investment opportunities in Pakistan

Pakistan urges Saudi investors to avail investment opportunities in Pakistan

Staff ReporterJune 20, 2017
Amazon buys Whole Foods

Amazon buys Whole Foods for $13.7 Billion

Sarah AliceJune 17, 2017

Amazing Ideas on How to Brand Your Business

Staff ReporterApril 26, 2017
donkey production

KPK govt Planning to regulate donkey production and export to China

Staff ReporterApril 8, 2017
Political Factors Affecting Businesses

Political Factors Affecting Businesses That You Need To Know

Staff ReporterMarch 28, 2017
ebay

eBay comes to the vicinity of small towns by eBay UK

Anand RajendranMarch 22, 2017
Online Reputation Management

Trouble Landing Your Dream Job? Online Reputation Management Can Help

Kristen LeuNovember 19, 2016

Copyright © 2014 Khaleej Mag