RiDE, a leading ride-hailing company from Saudi Arabia, has made a bold move in Pakistan with an initial investment through its technology partner, MYTM, a startup incubated at Ignite’s National Incubation Center.
This was announced by RiDE at a meeting with Ignite National Technology Fund. Attendees included Abdullah Al Tawjari, CEO RiDE, Hisham Almalik, CEO Mithqal Holding, Nasser Almubirik, COO RiDE, Dr. Zain Farooq, CEO MYTM, Jawad Mahmood, Co-Founder MYTM, and CEO and GM Ignite.
The entry of RiDE into Pakistan’s ride-hailing industry is expected to create new opportunities for both riders and drivers. MYTM will be instrumental in providing financial inclusion through its partnership with RIDE, offering affordable ride services and cutting-edge financial technology solutions.
RiDE’s mission is to provide safe, reliable, and convenient transportation solutions that empower people to move freely and efficiently, while also creating a positive social and economic impact in the communities it serves.
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”.
CEO Ignite, Asim Shahryar Husain, appreciated the interest of Saudi investors in Pakistani startups and said that the startup ecosystem nurtured by Ignite through its network of incubators is yielding good results for Pakistani startups by attracting both local and foreign investment.
Ignite has established national incubation centers in eight cities of Pakistan so far including Islamabad, Lahore, Faisalabad (agritech), Karachi, Hyderabad, Peshawar, Quetta, and Rawalpindi (aerospace) with more cities being planned in the future. These incubators have incubated more than 1200 startups over the past five years creating more than 115,000 direct and indirect jobs as well as generating revenue and investments.