Careem invests $120 mln in developing its services in Egypt

Careem, the region’s leading app-based car booking service, is planning to pump $100-120 million investments in the Egyptian local market during the upcoming period, its CEO Wael Abo El-Ela said.

He added that the new investments will be directed to additional bunches of new services such as Careem Bus and developing  shared transport  among other services.

“Our focus is on making our service affordable for the masses and helping to solve the transport issues that we’ve seen across all our markets. To do this we have been diversifying our vehicle types across all markets because the tech infrastructure we have built can support multiple vehicle types.” he said.

On the other hand,  Careem seeks to launch “Careem Now” a food delivery service during the second half of 2019.

Careem has been making a lot of efforts lately to expand into services beyond ride-hailing. The company is reportedly investing $150 million to launch and run its food delivery service across different markets later this year, starting with Pakistan. It already offers on-demand package delivery service in Saudi, UAE and some other markets.