Udrive, a Dubai-based dedicated pay-per-minute and daily car rental platform, has expanded into Saudi Arabia to serve its widening customer base, gearing the company for triple-digit-percentage growth and accelerated profitability in the Gulf region over the next 12 months.
The new operations are being set in line with the increasing demand from residents, tourists, students and startups in the kingdom for greater choices and convenience in mobility at affordable prices.
Udrive’s shared mobility model supports Saudi’s Vision 2030 for greener mobility. 92 percent of people in Saudi Arabia currently use a privately-owned vehicle to go to work or school, leading to reduced air quality, significant traffic congestion and decreased urban livability.
Nicholas Watson CEO & Co-Founder Udrive
“We are delighted to expand our footprint to serve the thriving Saudi market. The sustainability pillar of Saudi Arabia’s ambitious Vision 2030 strategy presents a compelling case for us to expand into the region. At Udrive, we are committed to providing commuters with the best driving experience at the most affordable prices. We believe our car sharing model will reduce commuting costs for residents, tourists, students and startups while supporting the nation’s long-term development goals by reducing vehicle emissions and decreasing pressure on infrastructure.”
Udrive will debut in the Saudi capital city of Riyadh, the 40th largest city economy worldwide at present and gearing to become the 10th by 2030. With the city’s population forecast to nearly double this decade, from 7.2 million to 15 million by 2030, Riyadh has been identified as a strong market for short- and long-term car leasing and rentals. The average percentage ratio of car-sharing cars to passenger cars in Riyadh is 0.02 percent compared to a global average of 0.5 percent in major cities, presenting a significant opportunity.
