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Focus on startups as Careem acquires Cyacle

DUBAI, November 12, 2019

The recent acquisition of Cyacle, an Abu Dhabi-based bike-sharing company, by Middle East and North Africa’s (Mena) leading ride-hailing app Careem, reflects the growing influence of Emirati-owned startups and small and medium enterprises (SMEs) in the local business scene.

The acquisition was reportedly part of Careem’s strategy to offer complete mobility solutions to more Mena cities over the next 12 months, said a statement.

Cyacle, which was launched in 2014 under the support of the Khalifa Fund for Enterprise Development (KFED), is a startup company that offers a fully-automated docked bike-sharing service in the emirate.

The company operates stations located around Yas Island, corniche beach, AI Raha Beach, and Reem Island.

The startup’s convenient short-term bike rental service can be accessed 24/7 via a mobile app, a touch screen kiosk, and a docking system that releases the bike using a ride code or a member key.

Mouza Al Nasri, acting chief executive officer of KFED, said: “Cyacle is an excellent example of how creative and innovative ideas can be turned into successful business ventures.”

“Cyacle introduced to the market a first-of-its-kind business model in the region as its unique, competitive edge. Now, it enjoys widespread success after boldly taking the lead in offering public bike-sharing scheme in Abu Dhabi,” he said.

“We consider Careem’s recent acquisition of the KFED-supported company as our success, too, as we continue to back UAE startups and SMEs as part of our socio-economic contribution to Abu Dhabi and the entire country,” he added.

Al Nasri continued: “Through the success stories of Cyacle and many other flourishing KFED-supported startups and SMEs, we hope to inject new energy into the growing culture of entrepreneurship across the UAE.”

“We will remain committed to our mission to help all Emirati entrepreneurs in turning their creative business ideas into a reality in the hope of promoting innovation in our citizens, especially among young Emiratis; facilitating sustainable growth of their enterprise projects with socio-economic impact; and building an environment conductive to the development of SMEs and startups,” he concluded.

Hani Akasha, founder of Cyacle, said: “KFED has been with us from the very beginning of our operations, providing us with the essential financial and technical support to help achieve success.”

“The fund’s unwavering belief and trust in our idea has boosted our confidence and further inspired us to give our best to provide a one-of-a-kind service to the local market and address needs for micro-mobility services. We share this latest success with KFED. Following Careem’s acquisition, it is now time to take the business to the next level,” he added.

Cyacle is one of the many KFED-supported startups in Abu Dhabi. The support is in line with the Fund’s objective to help develop local enterprises in the capital and the UAE by instilling and enriching the culture of investment among UAE nationals. – TradeArabia News Service




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