Russian Ride Hailing Firm Rivals Uber In Dubai

A Russian ride-hailing company has taken a big portion of Dubai's market from Uber. The city has seen an influx of Russians since the invasion of Ukraine.

Yandex NV's Yango is now responsible for 4 to 8 percent of all ride-hailing trips in Dubai. Yango only began operating in Dubai last September. The information was shared by people who chose to remain anonymous.

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The company hired many workers in the area. Some of the new employees used to work for competitors Careem Inc. and SWVL. This information comes from LinkedIn.

Many Russians have moved to the UAE due to the sanctions imposed because of their country's invasion of Ukraine. This increase has had a positive effect on property and hospitality markets. Also, Yango has seen a boost in business.

The app was first used mainly by people from Russia, both residents and tourists. However, others who speak Russian have started using it because of some special offers. Recently, the company started a new service for delivering packages, which competes with companies like Aramex PJSC and iMile Delivery LLC.

Yango is doing a lot of advertising in Dubai. They put a big red billboard up on a big road for months. Also, Yango's logo was on the tallest building in the world in January. This happened during the premiere of a Guy Ritchie movie called Operation Fortune.

Islam Abdul Karim, the regional general manager of Yango, said in an interview with Dubai's Al Bayan newspaper that the number of Yango trips is increasing by about 20% each week. The company plans to expand in Dubai to cater to the needs of tourists.

Over 3 million folks live in this business center in the Middle East. They mainly use cars and taxis, especially in summer when the weather is hot as 50C. Uber and Careem are headquartered here after the latter was bought out in 2020.

Uber says UAE is important market, and open to rivalry. Careem's VP of ride hailing, Ashish Labroo, also happy with growth and more competition. Yango's representative didn't share statement.

Yango is in eight countries. They want to grow in the Middle East, Africa, and Latin America. Yango is trying new markets in nine countries. Some of them are Guatemala, Peru, and Algeria.

Uber and Yandex merged in Russia in 2017. This was after a big fight between them that cost them a lot of money. But last month, Yandex bought all of Uber's share for $702.5 million. That means their ties are over.

The Russian food retailer Vkusvill now sells its products in Dubai. This marks the first international expansion for the popular grocery chain. Vkusvill focuses on organic and healthy foods, and has gained a loyal customer base in Russia. With plans to open additional stores in Dubai, Vkusvill hopes to cater to the growing demand for healthy food options in the UAE.

The UAE is thinking about what to do about Russian bank MTS. MTS has been hit with new sanctions. These sanctions are because of the ongoing war in Ukraine.

Food security in the GCC is at risk due to the recent export bans on sheep from Australia and New Zealand. The GCC is now ramping up its efforts to secure its own food supply. The export bans were put in place due to concerns over animal welfare. These bans have left a gap in the sheep meat market, which the GCC is now looking to fill. The GCC is now working on developing its own livestock industry and investing in farms and hatcheries. The goal is to reduce reliance on imported food and become more self-sufficient in the long term.