Skip to main content

Uber is Heading Towards Acquiring its Rival Careem: Bloomberg




According to a report of Bloomberg, Uber is considering to acquire its Dubai-based rival Careem Network FZ.

According to Bloomberg this deal will expand the ride-hailing giant’s operations in Middle East; people familiar with this matter report the same.

 Careem is valued about $3 billion, and in coming weeks both companies will tie in a deal to transact cash-and-shares transfer, people reporting this asked not to be mentioned because the talks are held privately.

Negotiations are in process and they have not reached on final agreements. Representatives of both Uber and Careem declined to say anything about this matter.
Uber, a giant ride-hailing company based in San Francisco, is emphasizing growth. It is aggressively investing in electric bikes, logistics, self-driving cars, and food delivery, as it is preparing to go public by issuing potential IPO (initial public offering) this year.


Careem was valued at $1 billion in 2016, and it is backed by Saudi Prince Alwaleed bin Talal’s investment firm and Rakuten Inc. (Japanese e-commerce giant). The company has more than a million drivers and operating in more than 100 cities in the Middle East, according to its website.

Acquiring a rival is a result of Uber’s strategy of departure. The company has traditionally opted such deals in China, Russia, and Southern Asia to take risk against its rivals. Uber has committed to launch its operations in Middle East as its biggest investor, Crown Prince Mohammad bin Salman, is based in Saudi Arabia.

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

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

Samsung Galaxy A20 Ready to Hit Market with Infinity-V Display

Samsung seems ready to keep pace with the race of smartphones by launching another A-series phone. It has launched three phones last month and now it is announcing Galaxy A20. This phone is affordable for financially moderate people, which comes with basic specifications. Design and Display: This phone seems like traditional phones of 2018 which has same design of dual cameras on the top left and a fingerprint sensor in the center on its back. It will be available in two colors: blue and black. Body material of its back is a combination of glass and plastic. Storage and Internals: Galaxy A20 is powered by an Exynos 7 Octa 7884 chipset, which has already been used in A10. It includes Android 9.0 Pie and comes with 32 GB in-built memory and 3 GB RAM. More interestingly its memory is expandable up to limit of 512 GB with an external memory card. Cameras: It has dual rear view camera with a 32 MP main sensor which has f/1.9 aperture and a 5 MP secondary sens...
Post a Comment
Read more