Saudi Arabia signs a financing agreement between the Development Bank and Careem worth 1.1 billion riyals

The Social Development Bank and Careem Participatory Transport Company signed a financing agreement amounting to 1.1 billion riyals, or about $293 million. 

This agreement aims to provide 7,500 job opportunities for Saudi drivers who want to work freely and increase their income through participatory transportation services or delivery of orders. 

The agreement provides for financing drivers’ vehicles in low installments for a period of three years, amounting to 150,000 riyals per driver, through the bank’s “Nafs” program. 

Careem said that Saudi drivers have completed about 250 million trips. 

it also added that the number of monthly beneficiaries of working with the company has reached more than 75,000 Saudis, with profits exceeding 430 million riyals in 2021. 

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