Competition in Egypt’s ride-hailing and tech-enabled transport market is heating up as rivals from global giant Uber to smaller local firms vie for a slice of the Middle East’s largest market.
Operators say there is a lot more room for growth. Egypt’s population will soon be swelling to 100 million. Taxis, minibuses, tuk-tuks, and motorbikes shuttle passengers and deliveries through crowded, chaotic streets.
The biggest players are Careem and Uber, which had its IPO in May and posted a wider third-quarter loss on Monday as it tries to outspend competitors.
Uber bought Careem for $3.1 billion in March and the deal is expected to close in January. When the deal closes, Careem will become a wholly-owned subsidiary of Uber but will continue to operate as an independent brand with independent management.
In this Oct. 7, 2013, file, photo, cars are bumper to bumper on a bridge in Cairo, Egypt. (AP)