Uber Set to Acquire Middle-East Based Ride Hailing Firm Careem
"Uber continues to expand inorganically into new markets. It is set to acquire Dubai-based ride-hailing startup Careem for US$3.1 billion ahead of its expected IPO at NYSE in April 2019. Careem currently operates in Saudi Arabia, UAE, Kuwait, Egypt, Sudan, Iraq, Jordan, Turkey, Morocco, Israel, Lebanon, and Pakistan. Uber has been cautious to enter emerging ride-hailing markets while it realigns its portfolio ahead of its IPO. Earlier, it existed China and several countries in South East Asia. In China, it sold its business to local player DiDi Chuxing and it also acquired a stake in Singapore-based Grab by selling its South East Asia operations. The ride-hailing giant is primarily relying on local players to remain invested in complex markets." - Hanish Bhatia
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Mar 26, 2019
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