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FinancialNews


  • 17-07-17

    Careem acquires stake in Egyptian transport start-up

    (MENAFN) The Middle Easter ride-hailing firm Careem announced it acquired a stake in an Egyptian start-up that connects travelling people with private buses in Cairo.

    The Dubai-based rival to Uber Technologies Inc. invested earlier USD500,000 in Swvl and Chief Experience Officer and Co-Founder Magnus Olsson will take a board seat.

    Dubai-based Careem is operating in 12 countries, and it refused to disclose the exact size of stake.

    However, Olsson told media reporters: "We want them to run and learn and develop at a very high pace and high agility and we believe the best way for them to do that is to stay independent."

    MENAFN1707201700450000ID1095630611

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