/Uber Buys Careem for $3.1 Billion to Conquer Middle-East Market

Uber Buys Careem for $3.1 Billion to Conquer Middle-East Market

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.