Careem aiming to expand investments in Egypt: General manger

Doaa A.Moneim , Monday 6 Dec 2021

Careem — a ride hailing service in the Egyptian market — plans to increase its investments in the country in 2022 and beyond, Haitham Essam, the general manager of Careem Egypt, told Ahram Online.

Careem

He also said that Careem’s current investments in Egypt exceed $3.6 million.

The manager added that Careem’s strategy for Egypt in 2022 will focus on offering its customers diverse and competitive price plans as well as increasing drivers’ earnings.

Essam’s statements came on the sidelines of the launch of the ‘Socio-Economic Impact of Careem on the Egyptian Market’ on Monday, a report that was prepared by the Oxford Economics Group.

The report shed light on how Egypt is a promising market for investments despite the harsh impacts of the pandemic.

In this respect, the report noted that despite the challenges caused by the first wave of COVID-19 in 2020, the domestic market enabled Careem to recover 71 percent of its trips to become one of the fastest recovering Careem markets in the region.

The report also showcased the pandemic’s impact on the business, driven by the imposition of a curfew, which led to a decrease in the number of trips by more than 75 percent.

Essam told Ahram Online that Egypt is among the Middle East’s four largest markets for Careem, noting that the company started its operations in Egypt in 2014 and now offers its services in 17 cities.

Since the beginning of its operations in the Egyptian market, Careem has provided 60,000 job opportunities, with a fivefold increase from 2016, according to the report.

Moreover, the Egyptian market helped in increasing the company’s number of trips from 500,000 trips in 2015 to more than 60 million trips in 2019 alone, according to the report.

It also demonstrated that the delivery sector in Egypt flourished during the pandemic, with the volume of Careem’s operations in transport services doubling during 2020.

Deliveries in 2020 also increased to 2 million orders.

Established in July 2012, Careem operates in over 100 cities across 13 countries and has created two million income-generating opportunities in the region.

Careem is a subsidiary of Uber Technologies — a global ride hailing service that also operates in Egypt under its own name.

Short link: