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Thursday, 22 October 2020

Careem says more investments to be pumped into Egypt

Careem will provide more investments and services beyond passenger rides, the company said

Menna Alaa El-Din , Monday 15 Jun 2020
Careem
A file photo of Careem Application ( Photo:Reuters)
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Dubai-based ride-hailing service Careem says it will pump more investments into Egypt, as it announced the official launch of its multi-service Super App in almost all the markets in which it operates.

Ibrahim Manna, Managing Director of Global Markets at Careem, said in a virtual conference on Sunday that “Careem is committed to the Egyptian market” due to its importance among markets in which Careem operates.

“We will provide more investments and more services beyond passenger rides,” Manna said, stressing that the leading ride-hailing app will “continue its journey in Egypt.”

Earlier on Sunday, Careem officially launched its Super App in the region as it looks to expand beyond its ride-hailing business amid the coronavirus pandemic.

The Super App, in which Careem has invested around $50 million, aims to provide the delivery of food and goods as well as online services to make life simple and hassle-free amid the pandemic.

The roll-out began in March 2020 and is expected to be completed by the end of June, with services gradually activated according to the services available in each country.

In Egypt, the services available through the Super App are planned to include “transport by car and bikes, delivery services of products and goods, and e-wallet services including balance recharge.”

More services are set to be rolled out in Egypt in the future under an expansion of its Super App business plan, Careem said.

Launched in November 2014, Careem currently operates in 17 cities nationwide: Cairo, Gouna, Tanta, Hurghada, Mansura, Port Said, Assiut, Ain Sokhna, Damietta, Ismailia, Alexandria, Suez, Banha, Sahel, Damanhour, Zagazig, and Minya.

Its vehicle types include Go, Go+, white taxi, Go Awfar, Airport cars, and City-to-City car, To Alex, and To Sahel.

Egypt, with a population of more than 100 million, is the biggest market in the region for ride-hailing services.

These services have faced multiple obstacles regarding regulations in the populous country, which is known for its red tape, the latest being a months-long conflict in 2019 with Egyptian regulators over the $3.1 billion merger deal between San Francisco-based Uber and Careem over fears of monopolisation.

However, Egypt's Competition Authority (ECA) approved the merger deal last December after it agreed to several controls proposed by Uber to reduce harm to competitors in the populous country.

 
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