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Monday, Apr 15, 2024

Estonian Ride-Hailing Firm Bolt Targets Saudi Growth

Bolt, an Estonian ride-hailing company, is setting its sights on expanding within the flourishing Saudi business landscape.
Having launched in 2013, Bolt now operates in 45 countries and over 500 cities and is valued at around $8 billion.

The company’s co-founder, Martin Villig, indicated in an interview that Bolt has seen a tenfold business increase in Saudi Arabia over the past three years, serving every city in the nation.

Bolt's ambitions align with Saudi Arabia's Vision 2030 goals to develop smart, sustainable cities and transportation. The company seeks to reduce dependency on private cars by enhancing shared mobility services, which can mitigate traffic, pollution, and accidents.

The company has also partnered with the Saudi government, notably during Riyadh Season 2022, and is committed to supporting the nation's expanding tourism and business sectors. Bolts contribution to Saudi Arabia's Vision 2030 involves aligning their service expansion with the Kingdom's strategic plans.

With expertise from operating in various regulatory environments, Bolt collaborates closely with regulators to balance competition and customer satisfaction. The firm has participated in Saudi job localization programs and data sharing to improve mobility solutions.

Having raised over €1 billion since its foundation, Bolt considers Saudi Arabia a ripe investment opportunity, believing that competition benefits the region’s populace. Despite global economic pressures, Bolt boasts significant revenue growth with a focus on sustainability and profit.

In Riyadh alone, traffic congestion and environmental concerns underline the necessity for alternative transportation solutions. Bolt aims to alleviate these issues through its global platform that offers ride-hailing, food delivery, and micromobility services.

The company anticipates ongoing positive financial trends, spurred by circumstances such as Estonia's evolving tech scene and the demand for innovative transportation options. Bolt also provides valuable job prospects in Riyadh, supporting local skill development.

Martin Villig is set to address these topics further at the upcoming LEAP 2024 tech event in Riyadh.

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