App-based car service, CAREEM, has put in place a new research and development (R&D) strategy and plans for global expansion. Over the next five years, CAREEM is expected to invest USD 100 million in R&D, which includes growing its team in UAE and Pakistan, and opening new R&D centers in Egypt and Germany. The investment will accelerate innovation in transportation-related technology infrastructure for the region and keep CAREEM at the forefront of this dynamic new industry.
“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups. These startups are using technology to improve the lives of people in the region. CAREEM is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D, which is why we have announced this investment today,” said Magnus Olsson, co-founder and chief navigator, CAREEM.
A key element of the new R&D strategy involves expanding the company’s engineering footprint in Pakistan. Today, an additional 50 engineers join the CAREEM team in Pakistan. The engineers will be joining the company from VentureDive – a technology solutions company that creates and invests in technology products and services that simplify and improve lives of people worldwide. The new team will work to enhance the user experience, quality and performance of the CAREEM app.
“We are thrilled to see that a technology team we incubated is being acquired by CAREEM, a regional institution backed by global investors,” said Atif Azim, CEO, VentureDive. “This helps validate our mission of creating products of global prominence out of Pakistan, and takes us a step closer to our vision of creating a technology organization and an entrepreneurial ecosystem in the region that are recognized as second to none in the world.”
Over the last decade, the Middle East has become a strategic hub for organizations with an international presence due to its proximity to emerging markets. Dubai specifically has experienced massive population growth and was recently listed as one of the five fastest-growing metropolitan areas in the world, according to the Brookings Institute. As a result, local institutions must be able to meet the growing demand for new products and services. The R&D center in Germany will provide CAREEM with access to a global talent pool and booming startup scene to provide its users with a higher level of service and increase awareness of its expanding global presence.
