Ride-hailing giant Uber has chalked up a major win in its chase for global market share with a $3.1 billion acquisition of Careem, its major competitor in the Middle East and North Africa. The acquisition, Uber’s biggest ever, translates into dominance in key markets in North Africa where both ride hailing companies have previously tussled for users. The acquisition will see the Dubai-headquartered Careem become a wholly-owned subsidiary of Uber while operating independently and retaining its name, app, brand and services. As Careem operates in three times more cities than Uber in North Africa, it marks a major shift in the ride-hailing landscape in the region. REUTERS/Lena Masri Uber BusEgypt is a particularly important market for Uber: it’s the ride hailing giant’s largest African market and one of its fastest growing globally.

Source: The North Africa Journal March 26, 2019 14:48 UTC