• btc = $66 557.00 -4 146.11 (-5.86 %)

  • eth = $3 213.40 - 310.79 (-8.82 %)

  • ton = $6.43 -0.87 (-11.89 %)

  • btc = $66 557.00 -4 146.11 (-5.86 %)

  • eth = $3 213.40 - 310.79 (-8.82 %)

  • ton = $6.43 -0.87 (-11.89 %)

1 Jun, 2023
2 min time to read

Since its launch in September, Yango, a unit of internet giant Yandex NV, has captured between 4% and 8% of the ride-hailing market in Dubai, according to insiders familiar with the matter.

The company is actively recruiting in the region, including former employees of competitors Careem Inc. and SWVL.

Dubai, a city that attracted a large number of Russians after the invasion of Ukraine, was a favorable market for Yango. The flow of Russian entrepreneurs and expatriates seeking safe haven from sanctions has supported local markets and contributed to Yango's growth.

Although initially the main users of the app were Russians and tourists, the popularity of the app has expanded to other nationalities, especially Russian-speaking communities, attracted by various promotions and discounts.

Yango also expanded its services beyond transportation and launched a courier service to compete with local delivery firms. The company has launched a massive advertising campaign in Dubai, placing prominent ads on billboards and even projecting its logo on the Burj Khalifa.

In an interview, Yango's regional CEO spoke about the company's plans to meet the growing demand from tourists by expanding its operations in Dubai.

Dubai, with its hot climate and a population of more than 3 million people heavily dependent on transportation services, is a critical market for transportation companies. Uber and Careem dominate this market, but the rise of Yango as a strong competitor has prompted a reaction from both companies.

Yango, operating in eight countries, has ambitious plans for expansion in the Middle East, Africa, and Latin America. Recently, the company began testing its services in nine new markets, including Guatemala, Peru, Namibia, Mozambique, and Algeria.

Yango's ties with Uber in Russia came to an end last month when Yandex acquired Uber's remaining share for $702.5 million, allowing Yango to chart its independent course in the global ride-hailing landscape.