Ride-hailing app Uber is set to announce a $3.1 billion deal to acquire its Dubai-based rival Careem this week. Following in the footsteps of Amazon.com Inc.’s acquisition of Dubai-based online retailer Souq.com for $580 million in 2017.
Shareholders in Careem such as Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten Inc., are set to make a final decision today, Monday 25th, so that the deal could be announced as soon as Tuesday.
Making such a daring move, US-based Uber eliminates any sort of major-league competition in the Middle East.
By Dina Khafagy