Careem has acquired UAE-based bike-sharing company Cyacle for an undisclosed sum as the ride-hailing company makes its first foray into "micro-mobility" - an increasingly popular service providing easy access to scooter and bike rentals in urban areas.
“Many journeys are relatively short in distance, including those to and from transportation hubs such as metro and bus stations," Magnus Olsson, Careem’s co-founder, said. "So increasing bicycle availability and expanding routes will transform how people commute, as well as offering micro-mobility solutions for short-distance trips.”
Cyacle was rolled out in Abu Dhabi in December 2014 with backing from the Khalifa Fund for Enterprise Development.
The venture has 50 docked bike-share stations throughout the emirate, which run 24-hours a day through an app, a touch screen kiosk and docking system that releases bikes using a ride code or a member key, according to its website. The company charges Dh20 for a day pass of unlimited rides of up to 60 minutes each, or Dh50 for three-day access to its bikes.
More than $5.7 billion has been poured into micro-mobility by investors since 2015, growing two to three times faster than either car sharing or ride hailing, according to McKinsey. In just a few years, micro-mobility start-ups like Bird and Lime - US-based operators of electric-powered bicycles and scooters in cities across North America and Europe - have reached valuations exceeding $1bn.
In a report published in January McKinsey attributes the rapid growth of micro-mobility to urban consumers who already value shared transportation, from experiences with ride-hailing apps like Uber or Careem, and the basic fact it "appears to make people happy."
"It’s faster than car-based trips in many situations, and users often say the freedom of being in the fresh air traveling to their destinations while avoiding traffic jams puts a smile on their face," the consultancy said.
Under the sale agreement between Cyacle and Careem, a new app will be available for iOS and Android. Users can access the bikes through the app, Careem's main app or physically at one of the docking stations with credit and debit cards. The service will offer bikes through a range of daily to yearly memberships.
“The start-up scene in the UAE is now such a fast-moving tech environment, and this just proves what we can do in this country,” said Hani Akasha, the founder of Cyacle.
Careem said it plans to bring bike-sharing to more cities throughout the region over the next year. Last month, the company announced a bike-docking network in Dubai of 3,500 bicycles, in partnership with RTA.
In March, Uber agreed to acquire Careem for $3.1 billion (Dh11.39bn), the biggest technology deal in the Middle East to date.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Scores
Scotland 54-17 Fiji
England 15-16 New Zealand