Within the next 12 months, Udrive's pay-by-the-minute car leasing portal is expected to accelerate profitability in Gulf markets. In Saudi Arabia, nine out of ten people drive privately to work, so Udrive will have to present a compelling case for leasing.
According to Nicholas Watson, Co-founder and CEO of Udrive, Udrive strives to provide commuters with the best driving experience for the most affordable price. By reducing vehicle emissions and decreasing pressure on infrastructure, our car sharing model reduces commuting costs for residents, tourists, students, and startups.
It is estimated that the traditional car rental market in the Kingdom is worth approximately $1 billion, and that it could reach $1.18 billion by 2026.
By 2030, Riyadh will become the 10th largest city economy in the world, making it the 40th biggest city economy in the world. By 2030, the city's population is expected to reach 15 million, nearly doubling this decade. According to a statement, Riyadh is a strong market for short- and long-term car leasing and rentals. In Riyadh, the percentage of car sharing cars to passenger cars is 0.02 percent, compared to a global average of 0.5 percent. This presents an important opportunity.”
In addition to free petrol, comprehensive insurance, and most of the parking fees paid, Udrive users can drive from SR0.60 a minute or SR130 a day (up to 200 kilometers). A statement said that car sharing can save users 25-50 percent on their commuting costs, depending on the vehicle they drive.