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FINANCIAL NEWS
Careem acquires stake in Egyptian transport start-up
17 Jul 2017
(MENAFN) The Middle Easter ride-hailing firm Careem announced it acquired a stake in an Egyptian start-up that connects travelling people with private buses in Cairo.
The Dubai-based rival to Uber Technologies Inc. invested earlier USD500,000 in Swvl and Chief Experience Officer and Co-Founder Magnus Olsson will take a board seat.
Dubai-based Careem is operating in 12 countries, and it refused to disclose the exact size of stake.
However, Olsson told media reporters: “We want them to run and learn and develop at a very high pace and high agility and we believe the best way for them to do that is to stay independent.”
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MENAFN1707201700450000ID1095630611
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