careem
Latest
Uber clears a key hurdle to buying its Middle Eastern rival
Uber is now much closer to becoming a major force in the Middle East. Egyptian regulators have approved the ridesharing giant's $3.1 billion acquisition of Careem, giving it the most significant clearance needed to complete the deal. There are still other approvals needed if the union is going to close as planned in January, but it now appears to be more a matter of time. However, this isn't a carte blanche approval -- Uber will have to abide by some conditions.
Uber is acquiring Middle Eastern rival Careem for $3.1 billion
Uber has confirmed it's acquiring its main rival in the Middle East, Careem, for $3.1 billion. The deal is the region's largest ever tech transaction, outside of Israel, according to the Associated Press. It gives Uber significant access to the greater Middle East's 600 million-strong population -- the majority of who are under-30 and live in urban hubs -- ahead of its IPO. Its biggest western rival, Lyft, is expected to commence trading shares as soon as this week. Uber said the $3.1 billion transaction consists of $1.7 billion in convertible notes and $1.4 billion in cash.
Uber is expected to buy its Middle Eastern rival Careem
After years of backing out of major international markets, Uber appears ready to go on the offensive. Sources talking to Bloomberg claim the ridesharing firm is poised to buy Careem, its chief competitor in the Middle East, for the equivalent of $3.1 billion in cash and shares. It's not certain just what Uber would do with its acquisition. However, you might hear about it very shortly -- stakeholders have been asked to rubber stamp the deal by the evening of March 25th, and a deal could be made public as soon as March 26th.
Uber avoids ban in Egypt over taxi driver lawsuit
Uber has faced more than a few service shutdowns over legal issues, but it just dodged a bullet in Egypt... at least, for a while. A court has negated a decision that would have suspended the licenses of both Uber and its local rival Careem for allegedly violating transportation laws. A group of 42 taxi drivers had filed a lawsuit claiming that both ridesharing outfits were illegally using private cars as taxis, and that they'd registered under false pretenses (Uber, for example, reportedly registered as a call center). There's still a final decision coming from the Highest Administrative Court, but that may not happen for some time.
Egypt asked for Uber's help tracking passengers
Were you uncomfortable about Uber's ability to track rides? Be glad if you don't live in Egypt -- in that country, the power could easily fall into the wrong hands. The New York Times understands that the Egyptian government asked Uber to give it access to Heaven, its tool for live ride tracking data. Uber thankfully said no, but the offer may have been tempting. Reportedly, military intelligence officials were willing to give "preferential treatment" to Careem, Uber's Middle Eastern arch-rival, if it had given into those demands. It also shot down the idea. However, there's a real chance that these companies might not have much say in the matter before long.
