Ride-hailing company Uber, which has been exploring the prospects of a tie-up with Dubai rival Careem, is leaning towards an acquisition rather than a merger of the company, to widen its presence in the Middle East.
While no final decisions have been made, San Francisco’s Uber is looking at an acquisition of Careem in a deal that may be worth $1.5 billion to $2bn, according to sources.
Uber’s decision not to merge is based on its assessment that the company’s presence in the Middle East is large enough and does not warrant an exit – as the company did when it left other markets because of intense competition and high operational costs.
The company’s chief executive Dara Khosrowshahi has also said the company would not retreat from additional markets apart from Russia, China and South East Asia.
“We are going to be, I believe, the winning player in those markets [India, the Middle East and Africa] and we’re going to control our own destiny,” Mr Khosrowshahi said in May.
Uber exited other countries because it had a smaller market share and was burning a lot of cash.
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Read more:
Careem said to test bus-booking service
Careem said to raise $150m to start food delivery business in the Middle East
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The company had spent nearly $11bn by the start of this year and consolidation meant spending less and eventually being in a position to control prices. In March, Uber reached a deal with Grab, with the South East Asian company acquiring all of its operations in exchange for the US company receiving a 27.5 per cent stake in Grab.
“It’s a super-competitive environment and a no-win situation for anybody. So they take a chunk of a company,” a source said.
“In the Middle East they don’t feel they are smaller than Careem but bigger and of a substantial size, so they say ‘why should we exit the market? Careem should merge into us’ and Uber’s brand remains in the market.”
Combined, the two companies burn about $400 million a year in the region, according to a source.
Both Careem and Uber declined to comment.
Careem, which was founded six years ago, serves 12 million customers in 80 cities in countries that range from Pakistan to Turkey, Lebanon, Saudi Arabia, Jordan, Egypt and Morocco.
Careem has also attracted a $62m investment from Kingdom Holding, the Saudi publicly listed investment firm of billionaire businessman Prince Alwaleed bin Talal, which took a 7.1 per cent stake.
Careem also struck a strategic partnership with Chinese ride-hailer and technology conglomerate Didi Chuxing as the Asian giant invested in the Dubai company, which will have access to Didi’s artificial intelligence expertise.
Careem raised US$350m in December 2016 from investors including Japanese e-commerce leader Rakuten and Saudi Telecom, giving the company a $1bn valuation. In May it was reportedly in talks with investors to further raise $500m, that would push its valuation to $1.5bn.
Although there has been speculation over Careem going public, chief executive Mudassir Sheikha denied a listing was on the horizon in an interview with The National in January.
Japan’s SoftBank, which has a stake in Grab and India’s Ola, is the majority stakeholder in Uber, which is eyeing a listing next year.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Confirmed%20bouts%20(more%20to%20be%20added)
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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COMPANY%20PROFILE
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The%20specs
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The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
COMPANY%20PROFILE
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Company%20Profile
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AIDA%20RETURNS
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The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law