Ride-hailing firm Uber has promised to invest on “an indefinite basis” in the Middle East and North Africa, following its recent exits from a number of Asian territories. “We now have resources available that are allowing us to double down in critical competitive markets, in particular India and the Middle East [and] North Africa,” said Harford. That strategy might see the company try and acquire competitors, including its most prominent rival in the Gulf region, UAE-based Careem. Harford indicated Uber might be open to the idea of buying a majority stake in the company. The Saudi government is among the investors in Uber, via the Public Investment Fund, which took a $3.5bn stake in June 2016.

Source: Forbes April 26, 2018 05:37 UTC