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Careem, which competes with Uber [UBER.UL] and operates from
Pakistan to Egypt, plans to enter second-tier cities in Saudi
Arabia, Egypt and Pakistan this year as well as new markets in
North Africa and the Levant, Mudassir Sheikha told Reuters. He
did not specify which countries.
Careem has been quoted in Middle East media in recent months as
saying it is looking at an initial public offering in the next
two to three years, but Sheikha said an IPO was only one option
under consideration.
"An IPO is one of several options for an exit or liquidation,"
Sheikha said in an interview. Asked if 2019 was a target date,
he said "it is hard to predict."
Bankers and advisors have not been hired, he said.
Careem was valued at about US$1 billion following an investment
of $350 million by Saudi Arabia's state telecoms company and
Japanese internet firm Raukten.
The company operates in over 10 countries across the Middle
East, North Africa and Pakistan and employs around 150,000
drivers.
Acquiring other companies would help it to expand.
"We are open to it if we find companies that accelerate that
(growth) path," Sheikha said without being more specific.
Careem suspended services in Abu Dhabi in late August, along
with rival Uber, due to some regulatory issues, but Sheikha said
they had now resumed.
Careem was still in talks with the Abu Dhabi regulators to
"enhance the regulatory framework," he said.
(Reporting by Stanley Carvalho; Editing by Susan Fenton)
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