Abu Dhabi, UAEFriday 19 July 2019

Business Extra: What the Uber-Careem deal means for tech in the UAE and the Middle East

The impact of the $3.1bn acquisition will be powerfully felt among investors, entrepreneurs and regulators
Ammal Farahat signed up to drive for Careem in Riyadh, Saudi Arabia, 2018. AP
Ammal Farahat signed up to drive for Careem in Riyadh, Saudi Arabia, 2018. AP

Uber Technologies has agreed to buy Careem in a $3.1 billion (Dh11.39bn) deal that is the largest technology sector transaction in the Middle East so far, eclipsing Amazon’s $580 million acquisition of Souq in 2017.

With governments across the region looking to nurture start-ups in the technology space, the size of the Uber-Careem deal, as well as the increased availability of expertise and liquidity in its wake, will be seen as a catalyst for both budding entrepreneurs and investors, from inside and outside the Middle East.

Mustafa Alrawi, The National's Assistant Editor in Chief, breaks down the impact of the deal with Chris Nelson and Kelsey Warner. What impact will the deal will have on the region and its start-up scene?

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Updated: March 27, 2019 07:16 PM

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