Uber is expected to pay $3.1 billion to acquire a Dubai ride-sharing rival, Careem

Uber is expected to pay $3.1 billion to acquire a Dubai ride-sharing rival.According to Bloomberg, Uber is making a cash-and-shares deal to acquire one of the most valuable tech startups in the Middle East, Careem Networks FZ. Shareholders include Saudi Prince Alwaleed bin Talal. As Bloomberg reports, “For Uber, a deal would signal its commitment to the Middle East, where one of its biggest investors — a Saudi Arabian sovereign wealth fund — is based.”

Careem is a big one. I guess they were sick of competing. With that said, I thought they were doing alright compared to other countries.