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FinancialNews


  • 06-01-18

    Saudi Arabia to see fare hikes set by Careem

    (MENAFN) According to co-founder and chief product officer Abdulla Elyas, the awaited fare hikes set by the transportation app Careem in Saudi Arabia are to come as a response to financial stress on their drivers as well as raised operating costs, including VAT.

    Elyas pointed out that "the transportation industry, especially in the electronic marketplace, has undergone several changes in prices over the last two years."

    He continued "Careem has always aimed to set the best possible price between supply and demand, driven by competitive market dynamics. These price changes have put a lot of pressure on our 'captains' and their operating cost, so much that we needed to re-evaluate our prices."

    The price changes included the VAT implementation in Saudi Arabia as well as the increase in fuel price, Elyas indicated as he declared "therefore, Careem will announce the final new prices shortly. We are hopeful that the increase we are currently assessing will address the financial needs of our captains."

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