“Careem”: We intend to go public in Gulf markets

Ashish Jain, Careem’s chief financial officer, confirmed that the company intends to offer its shares for public subscription in the Gulf markets, pointing out that the company’s business is currently focusing primarily on the UAE and Saudi markets.

In an interview with Al Arabiya Business, Ashish Jain said: “Careem” provides more than 20 services in the Emirates, and is growing very quickly, as some of our small companies grow at a rate of 4 and 5 times annually, indicating that since the company is local, it will be offered for public subscription in One of the Gulf countries.

He added: “We are mainly focusing on the UAE and Saudi Arabia markets, both of which are in very good shape.” Last year we completed a deal, whereby Etisalat became a majority shareholder, focusing on all the services we provide such as food delivery, grocery delivery, payments, etc. At the present time, we are focusing on developing this company in the coming years, making it profitable, moving it to multiple countries, and then taking it public.”

Regarding the presence of deals or acquisitions in the near future, Jain said: “We are constantly evaluating different options. Given the scale of our ambition and the growth goals we set for ourselves, mergers and acquisitions are a big part of that. “We are constantly evaluating different options.”