Dubai royal, Sheikh Saeed bin Ahmed Al Maktoum, has invested in Urent, a new online platform that aims to revolutionise the UAE car rental industry.
Dubbed an Airbnb for cars, it offers the first peer-to-peer vehicle sharing platform in the region, creating a whole community that focuses on building trust between two people, one being the private vehicle owner, the other being the renter.
It will also provide UAE residents and citizens with the right to rent vehicles of up to six categories.
CEO and founder Omar Al Ashi announced a partnership with Seed Group, an association of diversified companies owned by The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to launch the platform and make it the first of its kind to be licensed by the Roads and Transport Authority (RTA).
He said the concept will not only solve many problems that currently exist in traditional rental companies but will ultimately provide opportunities for people to make good use of their vehicles.
“With the support of The Private Office and Mr. Hisham Al Gurg, URENT will set an example for the people of the MENA region and highlight the promising future of the sharing economy and, more importantly, the importance of using existing vehicles,” said Al Ashi.
Hisham Al Gurg, CEO of Seed Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said Urent could meet the enormous demand for rented transportation options brought about by the growing number of tourists and expatriates in the UAE.
"Urent has come in the right place at the right time," said Al Gurg. “Omar provided us with an excellent presentation on how Urent could make full use of its unique business model as being the region's first Airbnb for cars.”
Urent launched its website recently to introduce the concept to the UAE but the official launch will take place on June 29.The Private Office was established by Sheikh Saeed Bin Ahmed Al Maktoum to directly invest in or assist potential business opportunities in the region.