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. The firms still operate separately despite their merger in March. Industry experts expect more mergers as start-ups try to gain market share for bus or motorbike services. Egypt is among Uber’s top 10 markets globally, and is seen as a regional tech hub – start-ups such as digital payments firm Fawry have set up shop in a tech park outside Cairo.
SOURCE: REUTERS AFRICA