Skip to main content

Uber Acquired its Middle East Rival “Careem” for $3.1 Billion

  •  A $3.1 billion agreement between Uber and Careem consists of $1.7 billion in convertible notes and $1.4 billion in cash.
  •  Dubai-based Careem claims that it has more than 30 million registered users in 120 cities across the Middle East, South Asia and North Africa.
  • Uber is heading towards initial public offering (IPO) that, according to reports could value the company at as much as $120 billion.
Uber announced on Tuesday that it has reached a deal to acquire its rival Careem for $3.1 billion. Careem is based in Dubai which was founded in 2012, which claims to have more than 30 million registered users and provides its car-hailing services in 120 cities across the Middle East, South Asia and North Africa, from Morocco to Pakistan.

It is anticipated that this deal is the biggest-ever technology industry transaction in Middle East as Uber approaches initial public offering at as much as $120 billion. It is believed to be one of the biggest tech IPOs in history.

Investing in Middle East after Asia Pullback

Uber is surrounded by losses, booking a $1.8 billion loss in 2018. Ahead of its blockbuster IPO, the company is introducing itself as a one-stop shop for transportation and logistics, not just car-hailing. The company’s history shows its last big acquisition deal of U.S bike-sharing firm Jump.

History shows Uber made deals to exit big markets like China and Southeast Asia, as homegrown giants came into force and it became difficult for the company to operate there.

Company sold its China business to loch tech firm Didi Chuxing in 2016, and its Southeast Asia’s business to Singapore’s Grab last year in return of equity stake in two rivals.

The Saudi Public Investment Fund (PIF) invested $3.5 in company in 2016. So Careem to become wholly –owned subsidiary of Uber, operating as an independent company under the Careem Brand and led by Careem founders.

Comments

Post a Comment

Popular posts from this blog

Huawei Launched Matebook 14 & Matebook Pro

On Thursday, Huawei made several announcements regarding its new products in Shanghai. Tow notebooks Matebook Pro and Matebook 14 were announced, and these were earlier showcase in Barcelona at MWC 2019. MateBook 14: There are two colors of Huawei MateBook 14; Dark Grand and Moon Silver. And three configurations as it boast some top-notch features in line with the world’s best brands.  The MateBook 14 will be available in market at Tmall, Suning, and Vmall on April 30. Some of its features include: ·         3:2 aspect ratio and 90% screen-to-body ratio ·         14-inch display – 2160 x 1440 resolution ·         A fingerprint scanner on the power button ·         8 th generation Core-i7, 8565U processor ·         Webcam hidden between the keys ·     ...
Post a Comment
Read more

Daraz.pk Shake Shake Feature and Challenge Launched

Daraz has introduced the latest Shake Shake feature to the mobile store app. At present, the Shake Shake feature is only launched by the Pakistan’s largest ecommerce business which is unmatched in the Industry of Online Shopping. It is an exciting and latest feature which has added fun to the market. Shake Shake allow users to shake their mobile phone in different time with to win surprising and amazing gift vouchers around the clock. Managing Director Ehsan Saya is excited and said, “Shake Shake is one of the coolest features we have ever launched. It’s fun, bold, and engaging. We want customers to have a blast while shopping on Daraz!” Shake Shake is launched with DarazMall Festival on 25 th February, 2019. User can win vouchers from all the top brands, including Akair, Oneplus, Lenovo, Nestle, Maybellin, Mi, Inflinix, Levis, Haier and get biggest discounts during the DarazMall Festival. Shake Shake is live three times a day for 15 minutes each during 12:00pm, 4...
Post a Comment
Read more

Samsung Galaxy S10 Plus and S10 Just Got Cheaper in Pakistan

After the official launch of Galaxy S10+ and Galaxy S10 on 13 th March in Pakistan, these smartphones vibrated the smartphone market in the country because of their specs and mostly due to their prices. Only after a month of launch, Samsung deemed to decrease prices of Galaxy S10 from Rs.164,999 ($1160) to Rs. 139,999 ($988) . If we come to Galaxy S10+, it’s now being sold at Rs.159,999 ($1130) down from Rs.179,999 ($1270). Keep in mind that these prices are for the 128GB versions of both models. Reports argue that Samsung reduced prices of Galaxy S10 for second time in the month of March, as it earlier decreased its price to Rs.142,999 ($1000) on 29 th March. So we can expect that Samsung is making people able to enjoy Galaxy S10 in trembling situation of the country. The official confirmation was made by Samsung through its Facebook page. As we noticed speculation around the pricing, by attributing high prices to the updated tax regime, the sudden downfal...
Post a Comment
Read more