Uber Technologies is in talks with the management of its Middle East unit Careem to bring outside investors into the business, four sources familiar with the matter said.
The planned move comes just over two years after Uber bought its Dubai-headquartered rival, which operates predominantly in the Middle East, for $3.1 billion, keeping the brand and app intact.
Uber’s 2019 acquisition of Careem gave the U.S. company market dominance across the Middle East and Pakistan ahead of its initial public offering in the same year that raised $8.1 billion from investors and valued the company at $82.4 billion.
Southeast Asia’s biggest ride-hailing and delivery firm Grab, which also describes itself as a super app, last week went public following a record $40 billion merger with a blank-check company.
Read more/Source: Reuters
