LONDON: Careem said it had full confidence in Egypt’s judicial system following a legal move to halt the operations of the company alongside rival Uber.
The pair are the focus of protests by Egyptian taxi drivers who say that their drivers are not required to pay fees to operate transportation services.
An Egyptian court this week accepted a petition that demanded the government stop licensing Uber and Careem activities in Egypt, including their online applications, state-owned newspaper Al-Ahram reported.
The lawyer representing taxi drivers, Khaled Al-Gamal, told AFP that the ruling would have to be implemented by the government even if Uber and UAE-based Careem appeal.
“They have to stop operations and block their mobile applications on the Internet,” he told AFP.
But both companies said their operations have not been officially suspended.
“We have full confidence in the Egyptian judicial system and should any verdict be reached against the ride-hailing industry, we will follow the requisite judicial procedures available under Egyptian Law,” said Careem in a statement to Arab News. “For now, we will continue as business as usual.”
Careem insists business as usual in Egypt despite legal row
Careem insists business as usual in Egypt despite legal row
Second firm ends DP World investments over CEO’s Epstein ties
- British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
- Decision follows in footsteps of Canadian pension fund La Caisse
LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.
British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.
“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.
The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.
In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.
