Uber to acquire Middle East rival Careem in 3.1 billion USD - South Asia Time

Uber to acquire Middle East rival Careem in 3.1 billion USD

 March 25, 2019  

In a move that goes against its recent trend of pulling out of foreign markets, ride-sharing giant Uber is preparing to purchase Dubai-based competitor Careem in a $3.1 billion deal, according to reports in Bloomberg and the Financial Timesthis weekend.

Those reports indicated the deal could be signed as early as Monday and announced by Tuesday, though spokespeople for Uber and Careem did not offer comment to Bloomberg. Careem was valued at roughly $1 billion in a 2016 funding round and $2 billion last year, and it currently claims to operate in over 90 cities in 15 countries and have over 30 million users throughout the Middle East, North Africa, and South Asia.