Business & Money | Monday 13 May, 2019 2:00 pm |

In line with the Saudi 2030 Vision and a commitment to Saudization of employment opportunities, Hyundai Motor Company and Careem Fleet Solutions have partnered to launch a program that provides affordable vehicle finance for Careem Captains. 

 

The initiative is supported by Raya Finance Corporation. It will offer Saudi drivers a choice of several Hyundai models, available for a low-down payment and affordable monthly installments over three years, with a profit rate set below the market standard. 

 

The first stage will be for part-time drivers working with Careem. While Captains will need another paid job to be eligible, the program me will have lower salary requirements than normally demanded for vehicle finance, setting the minimum income of only SAR 4,500. A second phase will support drivers wanting to work full-time with Careem, helping unemployed Saudi nationals become financially independent.

 

“The sharing economy is creating new, flexible employment opportunities through companies such as Careem, and our aim is to support more Saudis in benefiting from the new economy,” said Yousef Ali Almajdouie, CEO of Almajdouie Motors.

 

“This is a practical initiative in accordance with the Saudi 2030 Vision and efforts to reduce unemployment among citizens. Careem Captains will have the car for personal use, as well as having an additional source of income.”

 

Ride-hailing services such as Careem, and the independent drivers registered with these platforms, are emerging as an important new customer group for the auto industry. The Hyundai partnership will give Careem Captains a brand-new car that meets all taxi regulations. Hyundai is aiming to supply 500 vehicles during the pilot phase, and 5,000 for the full year. Cooperation with MOBIS and NEXEN tires will provide ongoing support for maintenance and repairs. 

 

Raya Financing Company, which is a subsidiary of Hyundai’s Dammam distributor Al Majdouie Group, is managing the program Kingdom-wide. Hyundai’s Sonata, Tucson, Santa Fe, and Azera models will all be eligible for finance, with Sonata expected to be the most popular choice.

 

The offer is exclusive to Hyundai vehicles.

 

“We are committed to employing Saudi Nationals as Careem Captains, and to using our platform to increase employment for citizens,” said Iyad Aldalooj, Careem GM of Eastern Provinces in Saudi Arabia. “To do this, drivers need affordable access to vehicles that are safe, reliable, and economical. This partnership with Hyundai and Raya will give our Captains improved access to a choice of new cars perfectly suited to their needs and will empower more Saudis to benefit from opportunities with Careem.”

 

The offer will be launched as a pilot program during Ramadan, for part-time Captains with other employment. Details of the second phase for full-time drivers are still being finalized.