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MidEast ride-hailing firm Careem buys stake in Egyptian transport start-up

July 17, 2017 4:48 AM
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DUBAI (Reuters) - Ride-hailing firm Careem, a Middle East rival to Uber Technologies Inc, has bought a minority stake in a three-month-old Egyptian start-up that connects commuters with private buses in Cairo.

Dubai-based Careem invested $500,000 in Swvl and Chief Experience Officer and Co-Founder Magnus Olsson will take a board seat.

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