Dubai – Mubasher: Uber Technologies Inc. is in fresh talks to buy its Dubai-based rival Careem Networks FZ for about $2 billion to $2.5 billion.
This came within the framework of the US-based ride-hailing company’s plan to expand in the Middle East, Bloomberg reported, citing unnamed sources.
No final decisions have been made regarding the transaction and the two companies may decide against it, the sources who are familiar with the matter added.
Meanwhile, Careem said in a statement that it believed "the consumer internet opportunity in the region is massive and untapped.”
“In the last couple of years, the rest of the world has begun to embrace this opportunity and we have been approached by multiple strategic and financial investors. Our ambition remains to build a lasting tech institution from the region,” the Dubai-based ride-hailer added.
In July, Uber and Careem held preliminary talks to merge their Middle Eastern ride-hailing services, aiming to resolve a costly rivalry in the region, Bloomberg had reported at the time.
Careem operates in more than 100 cities including: the UAE, Qatar, Saudi Arabia, Bahrain, Lebanon, Pakistan, Kuwait, Egypt, Morocco, Jordan, Turkey, Palestine, Iraq, and Sudan with more than a million drivers, according to its official website.
The app allows users to book rides on cars, bikes, golf carts, boats, and rickshaws as well as schedule deliveries.
