[DUBAI] Dubai residents can now have 24-carat gold coins delivered to their homes in less than an hour as super app Careem targets millions of Indians in the United Arab Emirates.
Dubai-based Careem Technologies, a spin-out from Uber Technologies’ Middle Eastern subsidiary, has launched a campaign that allows users to buy up to 10,000 dirhams (S$3,561) of physical gold in a single order. The gold is supplied and certified by Tanishq, the flagship brand of India’s biggest jeweller Titan.
Rollout of the new feature coincides with Akshaya Tritiya, a Hindu festival in which buying gold is considered auspicious. Indians make up about a third of the UAE’s population of over 10 million people, and the country continues to attract expats with the promise of jobs and low tax rates.
“We made gold available through Careem to support our many Hindu customers during Akshaya Tritiya. Next month, we are bringing back our popular Udhiyah meat delivery service for Eid Al Adha – which was a hit with customers in Dubai and Abu Dhabi last year,” said Chase Lario, vice-president at Careem Groceries.
The precious metal has rallied 25 per cent this year as an expanding trade war has sent investors fleeing to safe-haven assets. Gold rose to a record of US$3,500 an ounce last week, after chalking up 27 successive all-time highs this year. These gains have been supported by central bank buying, ETF investors, and macro funds seeking a hedge against lagging US equities.
Careem shareholders include majority stakeholder Emirates Telecommunications Group, which acquired 50.03 per cent of the app for US$400 million in 2023; Uber, which owns all of Careem’s ride-hailing business, and Careem’s co-founders.
The so-called everything app offers food and grocery deliveries, car rentals and money transfers as well as laundry, home cleaning and donation services.
“As a local brand, we are always looking for solutions to simplify life for our customers in culturally relevant ways,” Lario said. BLOOMBERG
