DUBAI: Ride-hailing firm Careem has acquired a minority stake in a three month-old Egyptian start up that connects commuters with private buses in Cairo.
Careem invested $500,000 (SR1.88 billion) in Swvl and Magnus Olsson, the Dubai-based firm’s chief experience officer and co-founder, will take a board seat. It did not disclose the exact size of the stake.
Swvl, founded in April by a former Careem executive, is a bus transportation service where passengers can reserve and pay their fare through the company’s mobile app.
The app uses the passenger’s location and destination to find the shortest possibly journey time based on the nearest bus station that travels along fixed routes.
Users of the Egyptian ride-hailing app can book fixed-route bus trips at prices 60 percent to 80 percent lower than competing ride-hailing services and without surge or peak pricing.
“We want them to run and learn and develop at a very high pace and high agility and we believe the best way for them to do that is to stay independent,” Olsson said.
Careem, which operates in 12 countries mainly in the Middle East, said last month that would speed up expansion plans after raising $500 million from investors, including German carmaker Daimler and Saudi Arabia’s Kingdom Holding.
Swvl, which is not an on-demand service like Uber and Careem, has 50,000 passengers and 200 buses using the mobile app, said Mostafa Kondil, the chief executive and co-founder.
It is targeting 300,000 monthly trips by the end of 2017, he said, claiming that it has been signing up a customer per minute since launch.
Swvl will use the Careem investment to increase its workforce, develop new app features, and to expand in Cairo and into other cities, including Egypt’s second-largest city Alexandria, and to Middle Eastern and Asian countries such as Saudi Arabia, Jordan and Pakistan next year.
“We’re planning to really improve our product,” Kondil said.
Careem invests $500,000 in Egyptian transport start-up
Careem invests $500,000 in Egyptian transport start-up
PwC Middle East and Sirar by stc’s CISO500 program advances cyber leadership
The fifth edition of the CISO500 program ran from Feb. 8-12. Delivered in partnership between PwC Middle East and Sirar by stc, the program featured five intensive days of rich discussions and hands-on practical experiences, aimed at strengthening leadership capabilities in cybersecurity and keeping pace with rapid technological transformation.
The program is designed to develop the capabilities of executive cybersecurity leaders and enhance their strategic role in supporting organizations’ digital transformation. It equips participants to address contemporary challenges in the cyber landscape and expand their influence within decision-making ecosystems.
Yasser Al-Swailem, CEO of Sirar by stc, said that the program represents an important step toward strengthening the readiness of cyber leaders in the region. He noted that the CISO500 program is a fundamental pillar in the journey toward building a secure and trusted Saudi cyberspace aligned with national ambitions. He added that investing in national cybersecurity leadership is no longer optional but a strategic necessity for ensuring sustainable digital development. The program reflects a commitment to empowering national talent to lead the digital security landscape according to the highest global standards.
He further emphasized that such initiatives contribute to strengthening digital security ecosystems and enabling organizations to confidently and sustainably address future challenges.
Samer Omar, cybersecurity and digital trust leader at PwC Middle East, added: “CISO500 is a long-term investment in Saudi leadership. Over the past year, we’ve seen how bringing together senior Saudi cybersecurity professionals in a structured executive environment accelerates capability, builds confidence and deepens collaboration. As the program enters its second year, our focus remains on equipping Saudi CISOs with the strategic perspective and technical depth required to secure the Kingdom’s digital ambitions.”
The program addressed a range of advanced topics, including common cyber transformation pitfalls, mechanisms for securing enterprise digital transformation, and cybersecurity budgeting and financial governance. These topics enhanced leaders’ ability to translate cyber risks and security investments into financial indicators that support executive decision-making.
It also covered the latest technological developments, particularly artificial intelligence, emerging technologies, quantum computing, and the protection of critical and operational infrastructure. Emphasis was placed on the importance of security governance for AI technologies and strengthening enterprise-wide risk management perspectives associated with them.
The program adopted an interactive learning methodology combining strategic discussions, collaborative work, and creative practical exercises, contributing to a deeper understanding of concepts and enabling their translation into applicable organizational practices.
Abdullah Al-Asmari, global cybersecurity director at the Saudi Research and Media Group and one of the program participants, said that the experience added significant strategic and practical value: “The program provided a rich experience that strengthened the leadership perspective of cybersecurity, particularly in linking technical practices with strategic and financial dimensions within the organization. It also offered valuable space for exchanging expertise on emerging technologies such as AI and quantum computing, and the challenges of securing critical infrastructure. This experience enhances cyber leaders’ ability to adopt a more influential role in supporting digital transformation and enabling decision-making based on a comprehensive understanding of risk and value.”
He added that the program facilitated the exchange of insights on emerging challenges and strengthened the ability to align cybersecurity with institutional objectives and executive decision requirements.
Participants said that the program constituted a valuable professional and knowledge-driven experience that enhanced the readiness of cyber leaders to keep pace with rapid digital transformation, reinforcing cybersecurity’s role as a strategic enabler that supports innovation while preserving business trust, reliability, and sustainability.
