Uber has reached a deal to acquire ride-hailing competitor Careem for $3.1 billion, the companies announced Tuesday. Dubai-based Careem, founded in 2012, claims more than 30 million registered users and sells car-hailing services in 120 cities across North Africa, the Middle East and South Asia, from Morocco to Pakistan. The companies characterized the deal as
Indeed, Dubai’s real estate sector is awash with cash, locals say, despite seeing continued losses in recent years. While investors will put tens of hundreds of millions toward a hotel or office building development, there’s significantly more reluctance to invest in nascent business ideas. Part of this is also due to regional risk, a Dubai-based
The Middle East has been forward-looking when it comes to unusual property developments, Wong Heang Fine told CNBC’s “Capital Connection.” “They are very acceptable to great ideas. That’s why you look at the Middle East, there are a lot of great iconic buildings, a lot of unusual type of developments … So the Middle East
Speaking to CNBC, Alabbar summarized the outlook for the company. “My view is that Morocco is doing well for us, I would say Egypt is doing extremely well; Saudi Arabia with all the restructuring going on, it’s going to be a fabulous opportunity. In the UAE, we still expect to grow 20 percent on an
DeAgostini | Getty Images View of Abu Dhabi skyscrapers, United Arab Emirates. Lower oil prices have been “very opportunistic because it helped us move faster down the diversification strategy,” Al Mubarak said. Mubadala, the fourteenth largest sovereign fund in the world according to the Sovereign Wealth Fund Rankings, has approximately $125 billion assets under management.