Careem to invest $100-120M in Egypt

CAIRO – 18 December 2018: Careem Company will invest $100-120 million in the Egyptian market, in Careem Bus and ride hailing services, in addition to other services that the company seeks to expand during the upcoming period.

Careem works in 14 governorates in Egypt, including Cairo, Alexandria and a number of Delta and Canal governorates.

Chairman of Careem Egypt Wael Abul Ela said in press statements that the executive regulations of the ride hailing Law will be finalized in January as agreed with the concerned parties.

He added that there are two points which are currently being discussed with the concerned parties, including the subject of the captain's license in relation to being a unified license for all companies or a different license for each company, and the second relates to the possibility of installing the financial obligations of the captain.

Abul Ela clarified that his company will expand in four governorates by the beginning of next week, including two governorates in Upper Egypt, and one governorate in Delta, noting that the new governorates will be officially announced after completing the required studies.

He highlighted that the company will provide about 20,000 new jobs in the service of ride hailing during the next year, noting that about 250,000 drivers have worked with Careem since the launch of the system.

Abul Ela reiterated that the company was the first to introduce the White Taxi system and the Careem Bus service, in addition to introducing a strategy to expand all transport services in Egypt.

By the beginning of December, Careem announced the launch of Careem Bus service in Cairo through four pilot lines covering a number of Cairo’s main neighborhoods. It is looking to invest $100 million in this service in the coming period.

Uber follows Careem, launches Uber Bus in Egypt

CAIRO - 4 December 2018: Uber announced Tuesday the launch of Uber Bus in Egypt, a day after its competitor Careem officially launched Careem Bus in Cairo. Uber also announced it will bring Uber Lite, a new version of the rider app built to work in low connectivity, and with older Android devices, across the Middle East region early next year.

Regarding the cooperation with Sarwa Capital Company, Abul Ela noted that Careem cooperates with the company in finance leasing and car installments, clarifying that the company negotiates with the banks, within the initiative of the Central Bank of Egypt, to set the interest rate at 5 percent.