CAIRO: The shared mobility technology landscape, which includes ride-sharing, car-renting and taxi-ordering models, has been on the rise in the Middle East and North African region ever since global players such as Uber and Lyft rode a wave of success in the business. After producing several unicorns, the shared mobility market in the region is set to expand with a compound
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In countries that lack a robust public transport infrastructure, car ownership and renting tend to dominate. Over the past couple of years, several mobility startups have emerged from car rental platforms to peer-to-peer car sharing. When the pandemic hit however, the industry suffered miserably. In 2019 in Saudi Arabia, the car rental market was valued at $996 million according to Statista, dropping to $483 million in 2020.
For traditional car rental companies like Hertz, business dropped 70-80 per cent according to Raed Dodokh, Hertz Saudi Arabia’s national fleet and operations manager.