Business

Urent’s boom continues in Q2, boosting post-pandemic hopes

UAE’s largest Airbnb of vehicles, on Wednesday said it will boost its investment in an effort to more than quadruple its vehicles over the next decade after seeing a hike in demand in Q2 2021.

Omar Al Ashi, founder of Urent, said on Wednesday that Dubai, which is famous for its infrastructure and high demand of cars, is poised to benefit as growing Airbnb of vehicles focus more on cleanliness and sanitisation post-pandemic.

“Urent played a strategic role to help car rental companies during the pandemic. Where people couldn’t rent local taxies to their office, Urent helped them solve their problem by helping them rent their own car with their seamless service and cashless transactions. And Urent has seen a massive growth and increase in revenue by 300-400% since the last 6 months, Urent” – says Omar Al Ashi.

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The Airbnb of vehicles is still booming, raising prospects that the vehicle-rental service will be able to sustain its momentum, even as the easing pandemic lessens the need for renting the cars.

Urent’s CFO, Gregorian Holt sought to reassure the clients that the Dubai, UAE, company will still play a key role in an evolving more in-app time management features that is expected to give clients more flexibility to split your time between the home and office, while ‘U’ rent?

Few signs for optimism emerged in the company’s latest quarterly bookings report released Monday, while sources still remain unverified.

The uncertainty surrounding Urent’s prospects in a post-pandemic economy already has caused its bookings to plunge by more than 8%. While the app downloads continued to grow at dizzying rates that surpassed analysts’ projections. But other indicators depicted a company that may face more headwinds with the lifting of buy-your-car restrictions that have propelled the car rentals popularity during the past 6 months.

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