The chief executive officer of the Cab service, Careem, on Wednesday announced that the company will halt its ride-hailing service operations in Pakistan from the coming month of July.
Careem’s CEO announced on Wednesday that the company will halt its ride-hailing service operations in Pakistan starting July 18, after nearly a decade in the industry. However, the company will continue its presence in the country in a different capacity.
Mudassir Sheikha, Careem’s CEO and co-founder, shared this update on LinkedIn, describing it as a “new chapter” for the company.
“It is with a heavy heart that I share this news: Careem will suspend its ride-hailing service in Pakistan on July 18,” Sheikha stated, emphasising that it was an “incredibly difficult decision.” He explained that the challenging macroeconomic climate, increasing competition, and shifts in global capital allocation made it difficult to justify the investment levels necessary to maintain a safe and reliable service in the country.
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In a major relief move for the public, the federal government has announced a reduction in sales tax on solar panels from 18% to 10%. The announcement was made by Deputy Prime Minister Ishaq Dar during a session of the National Assembly as part of ongoing budget deliberations.
Speaking on the floor, Ishaq Dar stated that the government is reviewing several budget proposals following consultations with coalition partners. He emphasised that the revised tax rate on solar panels aims to encourage the adoption of renewable energy and reduce the financial burden on consumers amidst rising energy costs.
The Deputy Prime Minister also clarified that the imposition of sales tax on digital services falls under the constitutional authority of the provinces, not the federal government. This statement came in response to discussions around taxation on tech and digital platforms.
During the session, Ishaq Dar also announced a substantial increase in funding for public universities in Sindh. The allocation has been raised from Rs. 2.6 billion to Rs. 4.6 billion, reflecting the government’s commitment to higher education and regional development.
In a separate address to the Senate, Ishaq Dar discussed the tense geopolitical situation in the Middle East, particularly the ongoing conflict between Israel and Iran. He reiterated Pakistan’s longstanding position on peace, stating, “Pakistan seeks a peaceful resolution to the Israel-Iran conflict and has always advocated for regional stability and diplomacy.”
Ishaq Dar concluded by stating that Pakistan’s economy is gradually stabilising, and further budgetary adjustments in the public interest are expected in the coming days. He reassured citizens that the government is committed to fiscal reforms, social welfare, and economic growth while addressing public concerns.
