An employee of Careem talks during a training session for new female drivers at their Saudi Arabia office in Khobar City. Schroeder says that as an investor, he is encouraged by what this will mean for current valuations. AFP
An employee of Careem talks during a training session for new female drivers at their Saudi Arabia office in Khobar City. Schroeder says that as an investor, he is encouraged by what this will mean for current valuations. AFP
An employee of Careem talks during a training session for new female drivers at their Saudi Arabia office in Khobar City. Schroeder says that as an investor, he is encouraged by what this will mean fo
The start-up scene leans too often toward hyperbole, but it is hard to overstate the importance of the Careem and Uber transaction. Certainly this is a lightning bolt to the rapidly rising technology scene in the Middle East, but I think it has global ramifications as well.
I should say, off the bat, that the hype around "unicorns" means less to me. There have been significant and impressive uprounds and exits in the region for years, if all but uncovered in the global press. I could argue that Aramex was, in fact, the region's first unicorn. And don't tell me a massive logistics company isn't a tech company. Try to imagine the stunning rise, for instance, in e-commerce in the region without it.
What Careem, Souq.com, Property Finder and many companies remind us - as we are seeing now in enormous enterprises being built in Latin America, South East Asia, Africa and more - is that local matters.
Today’s news, however, is no doubt a moment in history.
It has been conventional wisdom among my sisters and brothers in Silicon Valley that when an opportunity becomes so large in a rising market, it is inevitable that a US company will "platform out" and beat any local effort. For the past decade or so, Facebook, LinkedIn, Google and WhatsApp were the de facto winners in almost every market they entered, at least where they weren't blocked by local governments. As long as smart devices were ubiquitous, you had the capital, the data, the technology and the reliable brand – all one click away – how could anyone compete locally?
What Careem, Souq.com, Property Finder and many companies remind us – as we are seeing enormous enterprises being built in Latin America, South-East Asia and Africa – is that local enterprises matter. It is the understanding of market nuances, not only the regulatory and payments aspects, but how consumers want to engage with the products they want that has enabled local companies not to merely be "copy cats" but innovators for their markets on their own terms.
One of China's leading venture capitalists, Kai Fu Lee, reminds us of this in his must-read book AI Superpowers. Putting aside reasonable debate on business and trade practices, the juggernaut companies of that juggernaut nation simply have created – with rapid iteration – outstanding products and services for their customers.
Can we then assume a "one-size fits all" American tech company wins by just showing up anymore?
Roy Cooper / The National
Uber is one of the most important tech companies today, and has changed millions of lives around the globe. In many rising markets, such as Mexico, they remain the force to reckon with. In other markets, like South-East Asia, they have decided to partner with and have a smaller stake in another of the top players there. Uber rarely acquires, and if so, with the greatest scrutiny.
Careem and the Middle East is a rare case. Careem not only built an outstanding business by many standards, they did so with the greatest sensitivity to its markets. They have become a model of how to build a culture of support. I'm not sure many know how aggressive they have been to offer the best in maternity leave and support the growth of women across their enterprise.
The ramifications for the outstanding Careem team, their dedicated "captains", the millions of people between Saudi Arabia to Pakistan who have safer, cleaner, more predictable, more courteous mobility, could not be more clear. Payments, food delivery, and more, are all in the offing. Uber has shown grit and determination amid all the speculation about its public offering, to swing big in a region whose new potential most people outside of it don't yet appreciate.
As an investor, not only am I encouraged by what this will mean for current valuations but the opportunity for entrepreneurs across the region to aim for the stars. We often refer to the "PayPal Effect" in the United States – when the rise, success and sale of PayPal lit up the imaginations of aspiring founders and launched hundreds of spin-offs from their own. Folks such as Max Levchin, Reid Hoffman, Elon Musk are among the familiar names of many entrepreneurs.
With the recent news, women and men across the region will say, “I will do this too”. They will think far bigger in their aspirations than they, or their parents, dreamt of a few years ago. And, mark my word, dozens of entrepreneurs will be spun from this great combination, all who have now seen how it is done.
As a personal note, I have been blessed to know and even mentor many in the Careem story, including the co-founders Mudassir Sheikha, Karl Magnus Olsson, and Abdulla Elyas. I hesitate to say "mentor" as I have no doubt learnt more from them over the years than the other way around. I knew from the first meeting that this team was world class, with all the brilliance, perseverance and willingness to learn, as I have seen anywhere. I have also known Uber chief executive Dara Khosrowshahi for nearly two decades. If there is a better chief executive with more integrity in Silicon Valley, I'am yet to meet her or him.
It's nice when the good guys have great outcomes. I wish them well, but I am more excited for what they have modelled for the next generation of start-ups rising across the Middle East and beyond.
Christopher Schroeder is the co-founder of Next Billion Ventures and author of Startup Rising: The Entrepreneurial Revolution Remaking the Middle East. You can follow him on Twitter @cmschroed.
Malcolm & Marie
Directed by: Sam Levinson
Starring: John David Washington and Zendaya
Three stars
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The rules on fostering in the UAE
A foster couple or family must:
be Muslim, Emirati and be residing in the UAE
not be younger than 25 years old
not have been convicted of offences or crimes involving moral turpitude
be free of infectious diseases or psychological and mental disorders
have the ability to support its members and the foster child financially
undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Sole survivors
Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year