Syaratech is a new peer-to-peer car sharing platform in Saudi Arabia that allows car owners, for the first time, to lease their vehicles directly to others.
In similar fashion to what Airbnb does for homes, Syaratech allows people in the Kingdom to boost their income by safely renting their cars via the platform.
It was established by founder and CEO Mohrah Al-Ahmari in 2020 and began operations in November of 2021.
As the idea is very new to the country, the process of getting a license to operate was not straightforward. The businesswoman held several meetings with the Public Transport Authority to finally get the license.
“We were invited by the Public Transport Authority to a big business event to tell them our ideas,” she said. “We were honored to meet the minister of transport and the traffic manager and talk to them.”
With tourism becoming a vital sector for the economy, Al-Ahmari expects to see her project supporting the sector as it will reduce the cost of getting a car for a large segment of society.
Al-Ahmari told Arab News: “We provide various car options anytime and anywhere at competitive prices.”
She said owners who list their cars on the platform can earn more than SR3,000 ($799) per month, with no sign-up charge or monthly fees.
Al-Ahmari said low-cost rental cars are in high demand in the Kingdom. She added the typical problems consumers face are high rental costs, especially at airports, as well as a limited range of rental vehicles.
She added: “There is also a lack of car rental services in villages and remote areas, as tourism and new forms of entertainment expand in the Kingdom.”
The app for the service is available at Apple’s App Store, Google Play, or on the firm’s website.
Syaratech was one of the top five winners in last year’s SPARK, a program in partnership with youth foundation Misk, giga-project NEOM and the General Authority for Small and Medium Enterprises Monsha’at. The six-week course aims to help young Saudi professionals start their own firms.
The platform was awarded free office space provided by Monsha’at, a grant from NEOM, and SPARK gold certificates from Misk.