The mobility start-up Lime plans to launch its e-scooter and e-bike rental throughout the Middle East over the next two years.
Lime CEO Wayne Ting told CNBC’s Dan Murphy that the company is running a small test in Dubai and plans to go into permanent operation in the next few months.
“Our vision is to invest in the Gulf States,” said Ting in an interview in Dubai on Thursday. “I would like to bring something more permanent to Dubai, Abu Dhabi and also look at the rest of the Gulf, be it Bahrain, Qatar or even Saudi Arabia. We are right at the very beginning of investing in the region. “
Headquartered in San Francisco, the company raised $ 523 million last month before going public. The round of funding was led by UAE-based investment firm ADQ, but included other investors, including Alphabet venture firm GV, formerly Google Ventures.
A man rides a Lime e-scooter in Berlin on June 21, 2019.
Thomas Trutschel | Photo library via Getty Images
Ting said the Middle East region is young, dynamic and forward-looking, adding that it is a strong advocate for sustainability.
While some of the Middle East’s 30+ countries have made sustainability commitments, the region is also home to some of the world’s oil-richest countries, including Saudi Arabia, Iran, Iraq, and Kuwait.
Speaking of Saudi Arabia, Ting said the country wants to invest in the future, adding that the new city of Neom is particularly exciting.
“When you talk to people who think about Neom, they say, How do we build a city without cars?” said Ting. “This is a big part of our mission to build a transportation system that is different from today.”
“When you talk to young people, when they look at their own carbon footprint, they know that one of the biggest sources is traffic and they are asking for a change in their own behavior. When I look at places with a large, young population “that are committed to the environment, these are perfect markets for what we build.”
Lime launched in 80 new cities in 2021, and Ting claims it’s now the world’s largest micromobility company, ahead of Bird, Tier, Voi and Jump.
It intends to go public sometime in 2022, Ting said. The size and scope of the company mean it’s ready. “Whether it makes sense or not, we’ll look at market conditions,” he said, adding that it could be a SPAC or a traditional IPO.
