Signing the partnership
Abdul Latif Jameel Finance launches car financing for Careem
RIYADH, March 6, 2023
Abdul Latif Jameel Finance and Careem, the region’s leading multi-service platform, have launched a financing programme to allow Saudi Careem Captains in the kingdom to finance their own cars.
Abdul Latif Jameel Finance is opening the door for the Captains to continue earning an income in a reliable manner by providing a financing solution that allows them to obtain a new vehicle.
The programme provides Careem Captains, many whose main source of income is through the ride hailing app, with flexible payment plans and installments to obtain any new model from several brands including Toyota, Lexus, KIA, Hyundai, Geely, Suzuki, and MG vehicles.
Alignment with Vision 2030
This financing programme is also in alignment with Saudi Vision 2030 goals and initiatives to support employment rates and improve living standards in the kingdom.
Dr Khalid D Al Karimy, CEO, Abdul Latif Jameel Finance, said: “We continuously endeavour to find ways to support our community. We are aware of the various challenges facing self-employed Captains, which is why we have worked on developing this innovative programme that will help them reap the full benefits from their work.”
Ahmad Arrabi, General Manager of Careem Saudi Arabia, said: “Our cooperating with Abdul Latif Jameel Finance will make it easier for Careem Captains to obtain new models of Toyota, Lexus, KIA, Hyundai, Geely, Suzuki, and MG vehicles. This cooperation will enable more Saudi nationals to access flexible earnings through the Careem platform.”
Technical support
Careem offers Captains in Saudi Arabia 24-hour technical support, special discounts on car cleaning, and in-ride insurance coverage. Careem launched in Saudi Arabia in 2013, commencing operations in Riyadh, Jeddah, Dammam, Dhahran and Khobar before expanding to reach 29 cities across the kingdom.
More than 194,000 Saudi Careem use the app to earn a flexible income and over 75% of the Captains in the kingdom own their cars. To date, Careem Captains have completed over 250 million trips. In 2022, earnings for Captains in Saudi Arabia totalled over SR529 million ($141 million).-- TradeArabia News Service
