Why did Uber Spend $3.1 Billion on a Middle Eastern Rival?
After Uber’s disastrous IPO, 2019 proved to be a rough year for the ridesharing giant. But there was one bright spot for Uber – its $3.1 billion acquisition of the Dubai-based ridesharing service Careem. Acquiring its former competitor gives Uber a major win in the Middle East and North Africa region, where Careem has gained a loyal user base thanks to its deep knowledge of the local market.
Credit : CNBC