Careem in talks with banks in Egypt to finance drivers’ cars

Ride-hailing app Careem is in talks with three Egyptian banks to expand financing plans for Careem drivers who want to buy new vehicles, Careem Egypt CEO Wael Abou El Ela revealed, according to Al Mal. Some 1,000 drivers have financed new vehicles through the company’s existing agreement with Sarwa Capital. Abou El Ela also said Careem is working with the Madbouly government on the Ride-hailing Apps Act, which is scheduled to be released soon, especially concerning the ability of drivers to work with more than one service provider at a time.