Uber Technologies Inc is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters, in a deal that will strengthen its operations in the Middle East. Uber has been seeking to expand as it faces global competition in its core ride-hailing business that operates across 70 countries. Careem's investors include German car maker Daimler and China's largest ride-hailing company DiDi Chuxing. It would be the second major acquisition of a Middle East technology company after Amazon bought Souq in 2017. Like Uber, Careem has expanded beyond its core ride-hailing business and last year launched a delivery service.

Source: The North Africa Journal March 25, 2019 14:26 UTC