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Sunday, 27 November 2016

Careem launches water taxi service

Abraaj-backed Careem launches water taxi service, said to be eyeing USD 300 mn investment: Careem could be saving us all from hours of Cairo’s brutal traffic with its new water taxi service, which launches today. The service will cost a fixed EGP 100 and will be available at five ports around the crowded capital, including Maadi (TGI Friday’s and the Platform), Zamalek (across from McDonald’s on Aboul Feda St.), and Giza (Royal Mohammad Ali Club, Nile Towers). The company’s executive director, Wael El Fakharany, tells Al Mal that the plan has been in the works since last year. The news comes as the company, backed by emerging markets private equity giant the Abraaj Group, is said to be “close to raising about USD 300 mn,” Bloomberg reported on Thursday, citing two unnamed sources “with knowledge of the matter.” In addition to Abraaj, Careem has landed investment from Saudi Telecom’s venture capital arm, Dubai-based Wamda Capital and KSA’s Al Tayyar Travel. Bloomberg says Careem is “working with Credit Suisse Group AG to raise as much as USD 500 mn.

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