Dubci, a new Egypt-based ride-hailing mobile application, is getting ready for launch in August, Mohamed Samir, the former Egyptian armed forces spokesperson, and the company’s head of human resources, told Daily News Egypt on Monday.
Samir denied media reports that he would be the company’s CEO, stressing that he would only be responsible for the development of the company’s human capital.
It’s not clear if the new company will also launch bus services, however, their social media account show buses, bikes, boats, and even helicopters.
Competition for Egypt’s private ride-hailing apps intensified lately, however, both Careem and Uber are still dominating the market. In June, all-female drivers ride-hailing app, Fyonka, revealed plans to debut in Alexandria after having recently launched in Greater Cairo.
Both Careem and Uber launched bus services to compete with local players Swvl and Buseet.
In March, Uber announced that it has reached an agreement with Careem to acquire the latter for $3.1bn, consisting of $1.7bn in convertible notes and $1.4bn in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in the first quarter of 2020.
However, the Egyptian Competition Authority (ECA). issued an official notification for Uber and Careem due to their plans to sign contracts for the acquisition of Uber for Careem’s shares. It stated that these contracts appear as the acquisition of shares or transfer of ownership, but in fact, it can be an agreement between two competing groups. The ECA said that the agreement could “lead to a significant impediment on effective competition in the markets.
