Pakistan, June 19 -- Careem will suspend its ride-hailing service in Pakistan on July 18, its CEO and co-founder Mudassir Sheikha announced on LinkedIn. He said that "challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country."

However, Careem is not pulling out of the country completely. Sheikha said Careem's journey in Pakistan continues in a different role.

Careem Technologies - the spinout building the Everything App, a daily-use lifestyle app, will continue to build from Pakistan for the region, he said.

Nearly 400 colleagues across all functions (including engineering) are building the Eve...