Is Uber Acquiring Dubai’s Ride Hailing Firm Careem?
Uber definitely knows no limits when it comes to business expansion. Uber Technology Inc. might get rid of it’s biggest rival in Dubai by buying the whole firm. Word is on news outlets that Uber is in talks of acquiring Dubai’s ride-hailing firm, Careem, which is worth $2-2.5 billion. Careem’s management is working on convincing the firm’s shareholders of the deal, Bloomberg reported on Monday, citing people familiar with the matter.
“We believe the consumer internet opportunity in the region is massive and untapped,” Careem explained in a statement. “In the last couple of years, the rest of the world has begun to embrace this opportunity and we have been approached by multiple strategic and financial investors. Our ambition remains to build a lasting tech institution from the region.”
Careem has left quite the mark in the transportation scene in the Middle East with more than a million drivers, operating in more than 100 cities in the United Arab Emirates, Qatar, Saudi Arabia, Bahrain, Lebanon, Pakistan, Kuwait, Egypt, Morocco, Jordan, Turkey, Palestine, Iraq and Sudan, according to Careem.
No final decisions have been made, and the companies may decide against the transaction.
