Cairo – Mubasher: Careem, an online ride-hailing app, has exited from the Egyptian mass transit start-up Swvl last April, sources familiar with the matter said.
Sources added that the Middle East competitor to Uber Technologies plans to start its own mass transit business in the Egyptian market, local newspaper Almal reported.
Officials of both companies have hammered out an agreement prohibiting the disclosure of any information to media; otherwise, the violator will be held liable.
Swvl had received $500,000 in financing for Careem’s acquisition of an undisclosed stake.
