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Why Uber may buy its big rival in the Middle East

Dubai (CNN Business)Uber may be close to spending billions of dollars to buy its big rival in the Middle East. The company is reportedly in talks to acquire Careem, a startup based in Dubai that has grown into the biggest ride-hailing app in the Middle East since it was founded in 2012. Careem now has more than 30 million customers and its local knowledge and home-field advantage have made life tough for Uber since it entered the market in 2013. The reported deal could value Careem at around $3 billion. Uber and Careem declined to comment. Careem was valued at more than $2 billion at its last funding round in October.Uber has a mixed track record in international markets. Over the last three years it has retreated from China, Russia and eig ...
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