The CEO of Careem explains why Uber had no choice but to buy out the Middle East rival
|03/26/2019||Posted by BusinessMediaguide.Com under General World News||
- Uber is buying Careem, its major rival in the Middle East, for $3.1 billion.
- For Uber, it’s a way to buy dominance in a fiercely competitive region.
- Careem has built quite a moat to keep out western competition, founder and CEO Mudassir Sheikha told Business Insider in a recent interview.
Just weeks ahead of its highly anticipated IPO, Uber announced a $3.1 billion deal to acquire one of its largest rivals in the Middle East, Careem.