Ride-hailing company Uber Technologies has agreed to buy Middle East-focused rival operator Careem for $3.1bn .
The deal, subject to regulatory approvals, is expected to close in the first quarter of 2020, Uber said. Uber is expected to make its listing plans public in coming weeks, according to a recent Bloomberg report. The company is expected to have a valuation of at least $100bn.Established in July 2012, Careem operates in 120 cities across 15 countries, including the United Arab Emirates, Qatar, Saudi Arabia, Bahrain, Lebanon, Pakistan, Kuwait, Egypt, Morocco, Jordan, Turkey, Palestine, Iraq and Sudan.
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