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Sunday, 17 December 2017

Uber, Careem increase investment in Egypt

Uber, Careem, and other ride-hailing apps are increasing their investment in Egypt and providing innovative solutions to beat Cairo’s traffic, Tamim Elyan writes for Bloomberg. Both Uber and Careem are also increasing investments in Egypt. Careem is planning to triple its USD 25 mn investment in Egypt to USD 75 mn and MD Ramy Kato expects “unconventional transport to outstrip its car service in three to four years from about 10 percent of its business now.” Uber is in talks with the government to start a bus service and is investing USD 20 mn in a customer service center in Cairo. “If you can keep innovating and coming up with different methods to get more people in fewer vehicles and get Cairo and other cities to be less congested, that is definitely a good thing and not just for the ride-sharing industry,” Uber Egypt GM Abdellatif Waked says.

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