uber site - Uber is reportedly in 'advanced talks' to buy its biggest rival in the Middle East for $3 billion.
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Uber is reportedly in ‘advanced talks’ to buy its biggest rival in the Middle East for $3 billion.

So on thursday it was reported that uber were in advanced talks to buy it biggest Middle-Eastern competitor careem. It is said that the deal could put careem at a valuation of $3 billion.

uber site851683336 - Uber is reportedly in 'advanced talks' to buy its biggest rival in the Middle East for $3 billion.

Though the two companies have declined to make any comments on the report, Careem CEO Mudassir Sheikha seemed to rule out an acquisition in an interview last wee, “Weve only addressed 1 to 2% of our addressable market,” “We are continuing to fundraise,” he continued. “We have enough cash on hand to fund our business plan, but our ambition keeps on getting bigger so we are getting into more things than initially anticipated.”

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uber and creem 750x369589871288 - Uber is reportedly in 'advanced talks' to buy its biggest rival in the Middle East for $3 billion.
For a global competitor to come in and start providing a service to the top 2-3 percent of the population is not difficult they’re used to the convenience,” said Sheikha. “But as soon as you start going down the masses, you require a lot of tailoring”.

47581 1600366068 - Uber is reportedly in 'advanced talks' to buy its biggest rival in the Middle East for $3 billion.

So i guess we should soon be expecting to get the news of uber finally buying the middle-eastern careem.

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Emmanuel
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