Careem

  • Saudi Telecom (STC) has agreed to purchase a 10% stake worth $100million in UAE-based ride-hailing service Careem. The acquisition comes just months after Saudia Arabia’s Public Investment Fund (PIF) invested a stake in Uber – which is the global rival to Careem.

  • UAE ride-hailing services company Careem has invested $500,000 in a start-up entity which focuses on connecting commuters with private buses in the Egyptian capital city of Cairo. Careem, which is seen as Middle East rival to global ride-hailing colossus Uber, acquired the minority stake in SWVL after weeks of negotiations. It has also been disclosed that in addition to the investment, CEO and co-founder of Careem, Magnus Olsson will also join the board of SWVL.

  • Global ride-hailing giant Uber has joined forces with its Middle East competitor Careem and bought it for $1.3 billion.

  • The issue of regulating and legalizing ride-sharing services in Egypt was raised in the last couple of months when an Egyptian court ordered the suspension of such services in March after a group of taxi drivers claimed that they were illegally using private cars as taxis.