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The Fintech Times
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Mohammad El Saadi, VP at Careem, Discusses Global Expansion and Fintech Growth in the UAE
- Dubai-based company Careem aims to build an 'everything app' for the Middle East, which encompasses ordering food and groceries, hailing rides, and managing payments, amongst other features.
- Mohammad El Saadi, VP at Careem, stated that the company has expanded its remittance service throughout 2024 and also shared his expansion plans for the near future.
- Careem Pay is live in the UK, Ireland, France, Spain, Germany and Italy with plans to launch in Lebanon soon.
- Careem's expansion strategy is to launch corridor by corridor in order to get the experience right in each one, which enables them to serve customers better, and also allows the firm to get a larger share of the market.
- The United Arab Emirates is aiming to set itself apart from other countries aiming to ensure fintech growth by forming allegiances and alliances with central banks in various markets to make it easier for fintechs to operate across markets and move money between markets.
- Some people on the regulatory side believe there is a push for stablecoins. However, there is still a cloud of uncertainty around their use.
- As Dubai and Abu Dhabi become fintech powerhouses, the UAE still has its sights set on making itself a global centre for fintech activity.
- Mohammad El Saadi discussed how ADFW has evolved in comparison to previous years, stating that there is more is happening this year, which is a testament to what the UAE has done to position itself as a capital for fintech innovation with fintech-friendly policies.
- ADFW has a good level of energy enabling attendees to meet the people they want to meet and have really good conversations.
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