CAREEM will invest $100M in Research and Development which includes growing its team in UAE and Pakistan, and opening new R&D centers in Egypt and Germany over the next five years.

According to the official statement, the investment will accelerate innovation in transportation-related technology infrastructure for the region and keep CAREEM at the forefront of this dynamic new industry.

“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups,” said Magnus Olsson, co-founder and chief navigator, CAREEM. “These startups are using technology to improve the lives of people in the region. CAREEM is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D, which is why we have announced this investment today.”

A key element of the new R&D strategy involves expanding the company’s engineering footprint in Pakistan. As part of this strategy, CAREEM and VentureDive — a technology solutions company that creates and invests in technology products and services that simplify and improve lives of people worldwide – have agreed that CAREEM will acquire a team of 50 VentureDive engineers that helped build the technology stack of CAREEM.

“We are thrilled to see that a technology team we incubated is being acquired by CAREEM, a regional institution backed by global investors,” said Atif Azim, CEO, VentureDive. “This helps validate our mission of creating products of global prominence out of Pakistan, and takes us a step closer to our vision of creating a technology organization and an entrepreneurial ecosystem in the region that are recognized as second to none in the world.”

Over the last decade, the Middle East has become a strategic hub for organizations with an international presence due to its proximity to emerging markets. Dubai<