Saudi Arabia’s central bank committed to riyal-US dollar peg

Saudi Arabia’s central bank committed to riyal-US dollar peg
Saudi Arabia’s central bank committed to riyal-US dollar peg

Thank you for reading the news about Saudi Arabia’s central bank committed to riyal-US dollar peg and now with the details

Jeddah - Yasmine El Tohamy - : Uber Technologies' Careem subsidiary on Monday announced it was cutting 536 jobs this week, representing 31% of the Dubai-headquartered company's workforce.
The announcement came hours after Uber said it was shuttering its Eats delivery business in several markets, including the Middle East, and laying off dozens of staff.
Careem, which operates ride-hailing and delivery businesses primarily in the Middle East, said it was prioritising the security of the company and that parent Uber continues to believe in its business model.
"As we have discussed several times in the last few weeks, the crisis brought on by COVID-19 has put our dream and future impact at significant risk," Chief Executive Mudassir Sheikha said in a blog on Careem's website.
Sheikha, who founded the company in 2012, said business was down by more than 80% and warned that it was "alarmingly unknown" when it would recover.
"In this new reality, the surest way to secure Careem for the long term is to drive towards self-sustainability within a reasonable time frame," he said.
Careem did not say how much it expected to save from the layoffs or which business units staff had been cut from.
The Careem BUS mass-transportation operation has also been suspended, it said.
Careem has also found "significant savings" from pausing new benefits, it said without disclosing details.
Uber earlier announced that it was closing its food delivery business in Saudi Arabia, Egypt and other countries, while its United Arab Emirates operations would move to Careem.
Global ride-hailing group Uber bought Careem in 2019 for $3.1 billion.

These were the details of the news Saudi Arabia’s central bank committed to riyal-US dollar peg for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Saudi Arabia, Azerbaijan discuss climate action cooperation ahead of COP29
NEXT Ministry of Economy and Planning signs MoU with Saudi National Institute of Health