Uber acquires Mideast competitor Careem for $3.1 billion.
announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large, young, tech-savvy population.
It comes as Uber's losses widened last year ahead of plans for an initial public stock offering this spring. Uber's stiffest competitor in the Middle East had been Careem, which launched in 2012 — three years before Uber entered the local market. Despite Uber's regional launch in 2015 and services like Uber Eats that delivers food, Careem maintained the lead operating in more than 100 cities across 15 countries. The company was valued at about $1 billion in a 2016 funding round and an estimated $2 billion last year.
"This has put our region on the map and has shown it's a great place to build some of the best technology in the world," Sheikha said in a statement to Careem customers.
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