Careem in talks with Egypt over mass transit services

Careem is in talks with the government to provide mass transit services, newly-appointed General Manager Wael Abou El Ela told Al Mal, without providing further details. We are still yet to hear from the Egyptian Competition Authority regarding the USD 3.1 bn Uber-Careem merger earlier this year. The regulator threatened to fine each company EGP 500 mn for violating competition rules following the agreement, and is still studying how it will affect the Egyptian market.