With an initial investment made through its technology partner, MYTM, a start-up housed in Ignite’s National Incubation Center, RiDE, a leading ride-hailing company from Saudi Arabia, has taken a first step in Pakistan.
At a meeting with Ignite National Technology Fund, RiDE made this announcement. Participants included Dr. Zain Farooq, CEO of MYTM, Abdullah Al Tawjari, CEO of RiDE, Hisham Almalik, CEO of Mithqal Holding, Nasser Almubirik, COO of RiDE, Jawad Mahmood, Co-Founder of MYTM, and CEO and GM of Ignite.
It is anticipated that RiDE’s arrival into Pakistan’s ride-hailing market will open up new prospects for both drivers and passengers.
RiDE, Saudia’s Ride-Hailing Company and MYTM Cooperation
By its cooperation with RIDE, MYTM will play a key role in promoting financial inclusion by providing cost-effective ride services and cutting-edge financial technology solutions.
The goal of RiDE is to empower individuals to move freely and effectively while also having a beneficial social and economic impact on the areas it serves. RiDE does this by offering secure, dependable, and convenient transportation choices.
Speaking on the occasion, Dr. Zain Farooq, CEO MYTM said, “We are excited to welcome RiDE to Pakistan, and we are proud to be their technology partner in this endeavor. At MYTM, our mission is to empower people through financial inclusion, and we believe that ride-hailing is an important part of this vision.
We are confident that our partnership with RiDE will create new opportunities for both riders and drivers in Pakistan, and we look forward to working together to build a sustainable and equitable ecosystem that benefits all”.
Abdullah Al Tawajri, CEO RiDE said, “We are thrilled to be launching our ride-hailing services in Pakistan, and we are grateful for the support of MYTM as our technology partner. Our mission at RiDE is to provide safe, reliable, and convenient transportation solutions that empower people to move freely and efficiently. We are committed to building a sustainable and equitable ecosystem that benefits both riders and drivers, while also creating positive social and economic impact in the communities we serve.
We believe that our partnership with MYTM will enable us to deliver on this mission and will make a significant impact on Pakistan’s ride-hailing industry”.
Asim Shahryar Husain, CEO of Ignite, expressed his appreciation for Saudi investors’ interest in Pakistani startups and claimed that the startup ecosystem that Ignite has fostered through its network of incubators is producing positive results for Pakistani startups by luring both domestic and foreign investment.
Currently, Ignite has national incubation centers in eight Pakistani cities: Islamabad, Lahore, Faisalabad (agritech), Karachi, Hyderabad, Peshawar, Quetta, and Rawalpindi (aerospace), with plans to open centers in more locations in the future.
Over the previous five years, these incubators have supported more than 1200 businesses, creating more than 115,000 direct and indirect jobs in addition to generating income and investments.
To read our blog on “Uber has permanently suspended its ride-hailing services in five major cities of Pakistan,” click here.
