Uber Careem Accord will expand greater Middle East regional opportunity together
Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.
Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.
Upon closing, Careem will become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-founder and CEO Mudassir Sheikha will lead the Careem business, which will report to its own board made up of three representatives from Uber and two representatives from Careem. Careem and Uber will operate their respective regional services and independent brands.
“This is an important moment for Uber as we continue to expand the strength of our platform around the world. With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region. Working closely with Careem’s founders, I’m confident we will deliver exceptional outcomes for riders, drivers, and cities, in this fast-moving part of the world,” said Uber CEO Dara Khosrowshahi.
“Joining forces with Uber will help us accelerate Careem’s purpose of simplifying and improving the lives of people, and building an awesome organisation that inspires. The mobility and broader internet opportunity in the region is massive and untapped, and has the potential to leapfrog our region into the digital future. We could not have found a better partner than Uber under Dara’s leadership to realise this opportunity. This is a milestone moment for us and the region, and will serve as a catalyst for the region’s technology ecosystem by increasing the availability of resources for budding entrepreneurs from local and global investors,” said Careem CEO and co-founder, Mudassir Sheikha.
The greater Middle East region is already seeing the economic and social benefits of rapid technology adoption and improved access to transportation. This transaction supports the collective ability of Careem and Uber to improve the region’s transportation infrastructure at scale and offer diverse mobility, delivery and payment options. It will speed up the delivery of digital services to people in the region through the development of a consumer-facing super-app that offers services such as Careem’s digital payment platform (Careem Pay) and last-mile delivery (Careem NOW).
This transaction brings together Uber’s global leadership and technical expertise with Careem’s regional technology infrastructure and proven ability to develop innovative local solutions. Both companies believe it will provide an opportunity to expand the variety and reliability of services offered, at a broader range of price points to serve more consumers.
Similarly, for drivers and captains, the companies believe an increase in trip growth and improved services could provide better work opportunities as well as higher and more predictable earnings through greater utilisation of drivers’ time on the road.
Jefferies LLC acted as exclusive financial advisor to Careem on the transaction.
METRO hosts Bike Auto Show 2019
Keeping the tradition alive, METRO, the leading international wholesale company, hosted an elegant Bike Auto Show 2019 at its Canal Bank Store Lahore. The one of its kind Bike Auto Show had participation from more than 400 bikers along with their Vintage, Customized, and Exotic bikes, from Harley Davidson, BMW, Kawasaki, to Honda, Suzuki and Yamaha brands.
The star attraction of the event was the Vintage Triumph 350cc model 1958 that was gifted to former President Ayub Khan by the Queen of England. The event also had special appearance by Mehwish Ekhlaque, the top female professional biker, who has travelled all across Pakistan on her heavy bike.
The event was hosted in collaboration with Will Motor Sports, Hi-Speed Motor Sports, Bashi Motor Sports, Fast Lane Motor Sports, and Torque Motor Sports, and attracted over 20,000 people from all age groups and walks of life. The audience really appreciated METRO’s efforts towards organizing different engagement events throughout the year for the customers in a secure environment where they can freely come and enjoy with their families.
Order of Jlpisf Takaful System
Jubilee Life in Accord with Aetins SDN BHD
Jubilee Life Insurance Company Limited, the country’s leading life insurance provider in the private sector, recently signed a Memorandum of Agreement (MOA) with AETINS SDN BHD for the ’Implementation of JLPISF TAKAFUL System’ in Islamabad. This system will enhance the Takaful base in the country and support towards streamlining its operations.
JLPISF Takaful System is a core business application for Takaful, it works as a cross functional ERP system and facilitates in the day-to-day business activities. This application’s unique feature includes having Shariah compliant accounting procedures that are integrated at transactions level and are characterized by fully automated processes with lesser user intervention. As a result, Jubilee Life will be able to profile the personal needs of customers and serve them better, be able to craft contemporary products, introduce new products into the market, gain insights into business intelligence and analytics for a quick response system, mitigate risks, and eventually drive new package offerings.
At the occasion, Mr. Zahid Barki – Group Head Risk Management, Compliance and Quality Assurance – Jubilee Life Insurance said “This collaboration with AETINS is a momentous step taken in the Takaful industry. Jubilee Life being a leader in the industry has always been at the forefront of bringing premium products and services to its customers through innovation.”
This exchange of MOA between the two companies took place in the presence of Malaysia External Trade Development Corporation (MATRADE) officials who came with the honourable Prime Minister of Malaysia, Dr. Mahatir Bin Mohammad on the invitation of the honourable Prime Minister of Pakistan, Mr. Imran Khan.
JS Bank wins prestigious Asiamoney Award
JS Bank, Pakistan’s fastest growing financial institution has won the ’Best Bank for Small Medium Enterprises (SMEs)’ award in the 2019 Asiamoney Best Banks Awards for Pakistan.
JS Bank’s focus on SME lending began in 2014-2015 and in a period of less than four years, the Bank has become ranked as the third largest SME bank in Pakistan, with a portfolio of around USD348 million. With a growth rate of 155% last year, the Bank successfully partnered with leading institutions including USAID, DFID-funded Karandaaz, ride-hailing giant Careem, Nestle Pakistan, Engro Foods Limited (Friesland Campina) amongst others for on-ground impact. These efforts have resulted in employment opportunities for over 16,000 direct borrowers and over 100,000 people as a whole. The Bank also created a host of specialized solutions for women entrepreneurs in rural outreach programs, enabling empowerment as well as financial stability.
“This is an achievement not just for JS Bank but for the entire Pakistani financial industry as it reflects the high-performance standards against which we benchmark ourselves”, said Basir Shamsie, President and CEO, JS Bank. “We are thankful to Asiamoney for recognizing our hard work and will continually strive for greater human impact and business growth with the progression of time.
Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, the Bank hopes to continue this journey of impact by providing a variety of innovative conventional and digital solutions in the years ahead.
Pakistan’s first women’s app for employment via hyper salon
Pakistan’s first android app for women, enabled for revenue sharing employment and the ability for women to work from their smart phones/home, nationwide has be launched recently by Hyper Salon (a women economic empowerment initiative).
This co-branded and or sponsored facility can open up employment to an entire population of women, nationwide, across Pakistan and there is tremendous value in terms of real economic empowerment, as women within the paid work on below sustenance cash wages and the objective is to uplift women in handicrafts, styling and enable them to work on revenue share via their smart phones.
This facility is ‘ the only women tech’ in Pakistan today that is comparable and employment providing technologies like Uber and Careem, and pays significantly more without any investment.
While, we are enabled for revenue sharing with professionals, our technology is also integrated to board unskilled women, willing and able to work, so they may learn and earn on the job and become professionals overtime in these categories and services –https://www.hypersalon.pk/menu
Our intent is to help these women move towards economic progression and regulation, and together we can bring about mass change and awareness for women in Pakistan.
We have national employ-ability now. Today for these women, and one facility in any city can open up employment to both skilled and unskilled women, across Pakistan.
Indus Motor Organises Body and Paint Skill Contest Successfully
Indus Motor Company has made a commitment to train its workforce in Pakistan in such a manner that it can serve the nation in a productive manner.
This was evident at a ceremony at which IMC dealership personnel who had successfully participated in the Body and Paint Skill Contest 2019, were awarded trophies and cash prizes.
The purpose of the competition was to create a vibrant environment for the service staff of dealers and enhance their technical and management skills.
Speaking on the occasion, the CEO of Indus Motor Company, Mr. Ali Asghar Jamali said, “This is a healthy competition leading to skill enhancement for all participants. It will serve to strengthen IMC’s belief that training technicians and enhancing their skills ensures better services for customers. Through such a competitive environment, it will be possible for the dealers to enhance staff retention and loyalty. It will also be greatly helpful in promoting the image of Toyota dealerships.”
Candidates representing various Toyota dealers participated in the national level skills contest and their performance was evaluated by IMC management as well as dealer CEOs and management.
IMC conducts Skill Contests every year to enhance the skills of dealership staff in a healthy and competitive environment. The Skill Contest covers General Technician and Body & Paint Technician in alternative years.
This year’s Skill Contest was held in all 4 regions nationwide in North, Central, South Punjab and South regions. About 106 candidates were shortlisted for the regional level skill contest while for the national level skill contest, 13 candidates qualified.
The award categories comprised Body Technician, Paint Technician and Service Advisor. The awards were given to top 3 candidates in each category. The champions were from Toyota Southern Motors, Toyota Central Motors and Toyota Highway Motors in each category.
The Contest served to strengthen IMC’s belief that training technicians and enhancing their skills ensures better services for customers.
It also emphasized that better human resource skills and strengthening of after sales support to customers reinforces a spirit of strong cooperation from the Toyota dealership network across the country.
In the opinion of IMC’s Dealership CEOs, the contest played a very important role in building the image of Toyota in Pakistan which, in turn, builds the image of Pakistan on a global basis.
Court Suspends Suo Moto Notice to Some IPPS
The Honourable Islamabad High Court has suspended N.E.P.R.A.’s suo moto notice to Residual Fuel Oil based Independent Power Producers (IPPs), M/s Liberty Power Tech Limited, M/s Atlas Power Limited, M/s Attock Gen Limited and M/s Nishat Power Limited with respect to alleged excessive profits. These IPPs were established under the Policy for Power Generation Projects, 2002, were setup after executing an implementation agreement with the Government of Pakistan and Power Purchase agreement with the National Transmission and Dispatch Company. Under the provision of both agreements, IPPs were issued sovereign guarantees, assuring their demands of capacity prices based on tariffs determined by N.E.P.R.A. under the N.E.P.R.A. Act 1997. Since the Government of Pakistan defaulted in paying the IPPs’ capacity demands, the sovereign guarantees were invoked and arbitration proceedings were initiated. The suo moto notice issued by N.E.P.R.A. is not covered under the provisions of the N.E.P.R.A. Act 1997 or any substantive law and is considered by IPPs to be an illegal and adverse tactic to renegotiate tariffs which have already been finalised. The Honourable Supreme Court suspended N.E.P.R.A.’s notice till the next hearing of the Petition.
ACCA, FTAC Hold Training Plan ‘Women in Business’
The Women in Finance Society of the Association of Chartered Certified Accountants (ACCA) Pakistan, in partnership with FTAC, organised an intensive training programme ’Women in Business – Making Pakistan Prosperous’ for aspiring women entrepreneurs and finance professionals in Lahore.
Pak-China Joint Chamber of Commerce and Industry (PCJCCI), Technology Incubation Centre KICS, UET and Women Chamber of Commerce and Industry (WCCI) also collaborated in the event and were represented by their senior leadership.
Begum Perveen Sarwar, Vice Chair, Sarwar Foundation and the wife of Governor Punjab, Chaudhry Muhammad Sarwar was the Chief Guest and in her speech she emphasised on the importance of enhancing women’s participation in economic development.
Other notable speakers at the event included Sajjeed Aslam, Head of ACCA Pakistan, Ammara Latif, Assistant Finance Manager, China Road & Bridge Corporation, Dr Asma, Executive Committee Member, Pakistan Golf Federation, Dr Iqbal Qureshi, Senior Vice President, PCJCCI, Maryam Zafar, CEO, FTAC & Member, ACCA Pakistan Women in Finance Society, Fiza Imran, Chair, ACCA Pakistan Women in Finance Society and Farhan Riaz, Programme Manager, TICK, UET.
In his speech, Sajjeed Aslam, head of ACCA Pakistan said, “ACCA was established specifically to open up the profession to people of all backgrounds, based solely on their ability. Opportunity and diversity are two of our core values that continue to guide our work today. We believe that it’s every organisation’s responsibility to support diversity and to review and revise the way they support and open up opportunities to women – and indeed all other under-represented groups. Pakistan’s economy can never flourish without ensuring participation of women in the economic activity.”
The event was attended by a large number of aspiring women entrepreneurs and finance professionals who were trained in digital marketing, product development & diversification, sales techniques and business models by the leading industry experts.
NBP Funds signs PayPak Affiliate Member agreement with 1LINK
Agreements to issue PayPak debit cards and personalization of these cards by 1LINK were signed between NBP Funds Management Limited (NBP Funds) and 1LINK (Pvt.) Ltd. (1LINK). NBP Funds will also become a biller on 1LINK BPS network. These agreements are a step forward in promoting digitalized financial transactions in Pakistan and is in line with SBP’s strategic goals of vision 2020. It is an initiative to enhance financial penetration and broaden access to formal financial services in Pakistan. The agreement was signed by Dr. Amjad Waheed, CEO NBP Funds and Mr. Najeeb Agrawalla, CEO 1LINK.
To facilitate the industry, 1LINK is on the path to expand its services by launching innovative payment solutions. NBP Funds’ investors will now be able to opt for Online Investment Facility through 1LINK member banks. This agreement represents NBP Funds’ continuous efforts to provide the best services with ease to its investors. This partnership will increase the range of facilities, NBP Funds can offer to the customers by pushing the boundaries of technical excellence in NBFI industry in Pakistan.
Commenting on the occasion, Dr. Amjad Waheed, CEO, NBP Funds stated, “NBP Funds seeks to be a leader in technology and digitalization in the asset management industry, and is proud to become an affiliate member of 1LINK. The ultimate vision is to enable every Pakistani to save and invest in mutual funds in a seamless and efficient manner.
Mr. Najeeb Agrawalla, CEO, 1LINK stated, “1LINK welcomes NBP Funds to its network and hopes to move forward jointly in facilitating customers. We need to stay competitive and offer the best solutions to end customers. 1LINK is a forward-looking organization and through our collaboration with NBP Funds, we are confident that customers will be able to reap maximum benefits and appreciate the expediency that will be enabled in the payments industry.”