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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.

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