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UAE: Uber in talks to buy ride-hailing rival Careem

By  |  September 18, 2018

Ride-hailing company Uber Technologies is in talks to buy Dubai-based rival Careem Networks FZ for about $2 billion to $2.5 billion, Bloomberg reported on Monday.

We believe the consumer internet opportunity in the region is massive and untapped,” Careem said in an emailed statement. “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.”

Uber and Careem held preliminary talks in July to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry in the region, Bloomberg had previously reported.

The company has been building services such as food delivery and freight hauling, and, in April, acquired electric bike service JUMP Bikes to offer US passengers an alternative to cars.

Full Content: Bloomberg

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