Stock Groups

E-scooter firm Lime plans aggressive Middle East expansion

[ad_1]

Lime, a mobility startup is planning to introduce its ebike and scooter rental services across the Middle East in the next two-years.

Wayne Ting, Lime’s CEO, told Dan Murphy of CNBC that Lime is currently running a trial in Dubai. The company plans to open permanent operations within the next few months.

Ting stated that “our vision is to invest the Gulf States,” during a Thursday interview. I’d love for Dubai and Abu Dhabi to have something permanent. This is at the very start of the investment process in the region.

An unidentified man rides a Lime eb-scooter around Berlin, Germany. June 21, 2019.

Thomas Trutschel | Photothek via Getty Images

The San Francisco-headquartered company raised $523 million last month ahead of an anticipated stock market listing. The UAE-based investment company ADQ led the round, but other investors included Alphabet Ventures and GV.

Ting stated that the Middle East is dynamic, young and forward-looking. He also said it had a great commitment to sustainability.

Although some countries of the Middle East are making sustainability pledges, others, including the 30+ countries, have also made them. The region hosts some of most oil-rich nations in the world, such as Saudi Arabia, Iran and Iraq.

Ting spoke out about Saudi Arabia and said that they want to invest in the future. He also mentioned how Neom was a particularly interesting new location.

People are asking how to build a city with no cars if you ask them about Neom. Ting agreed. Ting stated, “This is an important core of our mission. It is creating a transport system that is unique from the current one.”

Young people know that transportation is one of their biggest carbon sources. They are demanding changes in their behavior. It’s easy to find markets that are open and willing to invest in the environment if you look at areas with large populations of young people.

Lime will launch in 80 additional cities in 2021. Ting says it is the most important micro mobility company, beating Bird, Tier Voi, Voi, and Jump.

Ting stated that the company plans to become public sometime in 2022. He added that the company’s scale and size means it is available. Ting said it doesn’t matter if it makes financial sense. He added that market conditions will determine whether or not the public offering is a SPAC, traditional IPO, and more.

[ad_2]