Careem, Uber’s Middle East subsidiary, has acquired a minority stake in Swapp, a UAE-based online car rental platform. The move will strengthen Careem’s efforts to broaden its mobility ecosystem beyond ride-hailing.
The value of the deal was not disclosed; the investment follows a 2022 partnership that integrated Careem Car Rental into the Careem app, enabling customers to book cars directly through Swapp.
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Through this deal, Careem and Swapp aim to simplify rentals with digital-first services such as instant identity verification, one-hour car delivery, live vehicle tracking, and on-demand swaps. A lease-to-own option is also being introduced, allowing users to own cars via the platform.
Unlike traditional car rental models, Swapp removes the need for physical visits to offices, promising delivery within 24 hours of online registration. The startup is also expanding its electric vehicle fleet, aligning with the UAE’s Net Zero 2050 strategy.
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Market Growth and Regional Ambitions
Swapp’s CEO, Uzair Moosa, highlighted plans for regional expansion, citing rising demand for flexible car rental and subscription services across the Middle East.
According to Statista, the UAE’s car rental market is projected to generate $175 million in revenue in 2025, with a 5% annual growth rate through 2030, reaching $223 million by the end of the decade. This positions Swapp to capture a growing segment of the region’s mobility market.
Strategic Fit with Careem’s Super App
Founded in 2012, the firm operates in over 70 cities across 10 countries, from Morocco to Pakistan. Its latest investment reflects a broader strategy to evolve into a super app, offering transport, food delivery, payments, and now car rental and ownership options.
By deepening ties with Swapp, the firm’s strengthens its role in the UAE’s digital mobility ecosystem, while supporting the country’s ambitions for sustainable and tech-driven transport solutions.
Engagement
