DUBAI: Ride-hailing company Uber Technologies Inc. is in talks to buy Dubai-based rival Careem Networks FZ for about $2 billion to $2.5 billion, Bloomberg reported on Monday, citing people familiar with the matter.
No final decisions have been made, and the companies may decide against the transaction, according to Bloomberg.
Uber and Careem held preliminary talks in July to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry in the region, Bloomberg had previously reported.
Careem declined to comment and Uber did not immediately respond to a request for comment.
Uber, which is on track to go public next year, has been seeking new avenues of growth even as it battles intense competition in its core business of riding hailing.
The company has been building services such as food delivery and freight hauling, and, in April, acquired electric bike service JUMP Bikes to offer US passengers an alternative to cars.
SoftBank, which is the majority stakeholder in Uber, has opened up the possibility of combining Uber with other ride-hailing assets the Japanese group owns across Asia. SoftBank has stakes in Singapore-based Grab and India’s Ola.
At the time of the investment, SoftBank said it wants Uber to focus on growing in the United States, Europe, Latin America and Australia — not Asia, which has been among the most costly and competitive regions for the ride-hailing company, a source had told Reuters.
Uber in talks to buy Dubai ride-hailing rival Careem -Bbg
Uber in talks to buy Dubai ride-hailing rival Careem -Bbg
Saudi Arabia sees 21% jump in mining sector licenses since 2016
- The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016
RIYADH: Saudi Arabia’s mining sector has shown sustained growth, with the number of mining licenses increasing from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 mineral wealth statistics from the General Authority for Statistics.
The data highlights a steady upward trend in recent years. Licenses rose to 2,100 in 2021, marking a 6 percent increase from the previous year.
The upward trajectory continued with 2,272 licenses in 2022, 2,365 in 2023, and 2,401 in 2024, reflecting expanding exploration and investment activity across the Kingdom’s mining sector. Building material quarries accounted for the largest share of mining permits, climbing from 1,267 licenses in 2021 to 1,481 by 2024.
Exploration licenses also recorded consistent growth, supporting the Kingdom’s broader push to develop its mineral resources.
Other categories of mining activity saw significant expansion, including 2,554 exploration licenses, 744 exploitation licenses, 151 reconnaissance licenses, and 83 surplus mineral ore licenses issued during the same period.
The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016, which aim to diversify national income sources and strengthen non-oil sectors.
