Uber Technologies Inc. on Tuesday said it is acquiring Middle Eastern rival Careem Networks FZ for $3.1 billion, a deal that ends another cutthroat ride-hailing battle ahead of an expected initial public offering.
Buying Dubai-based Careem will enable Uber to pull back from a costly battle over market share and significantly widen its presence in a region of some 400 million, an increasingly young and tech-savvy people who are embracing smartphone apps to manage their lives.
But when will Uber make a profit
Capitalism collapses a competitive market as usual and the customer would be the most harmed 😏😏
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