Careem announces end of ride-hailing service in Pakistan from next month

Careem will suspend its ride-hailing service operations in Pakistan from July after nearly a decade in the industry, its CEO announced on Wednesday, adding that its journey in the country would continue “in a different role”. Mudassir Sheikha, Careem’s CEO and co-founder, shared a post on LinkedIn announcing “a new chapter” for the company. “It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18,” Sheikha said, adding that it was “an incredibly difficult decision.” “The challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country.