Uber to Acquire Careem for at least $3.1 Billion
Uber is headquartered in San Francisco and has diverse service offerings including peer-to-peer ride sharing, food delivery, cab hailing, self-driving cars, bicycle sharing, etc. It operates in USA Europe, Middle East, Africa, East Asia, South Asia, South East Asia, Australia, and New Zealand. Due to its main focus in European and American cities, Uber apparently shows its keen interest in making a larger and more integrated customer base in the Middle East and that can be done by acquiring Careem, its strongest competitor over there.
Careem operates in more than 100 cities in the Middle East with a net worth of $3.1 billion. It is backed by investing giants among which there is an investment firm owned by the Saudi Prince Alwaleed bin Talal and as well as Rakuten Inc. which is a Japanese e-commerce giant.
This deal, if it becomes successful, would definitely be of major benefits to Uber as to the Middle East belongs world’s one of the biggest investor Crown Prince Mohammad bin Salman, states Bloomberg.
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