ridehailing firm careem on lookout for acquisitions ipo an option
Last Updated : GMT 07:25:12
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 07:25:12
Arab Today, arab today

Ride-hailing firm Careem on lookout for acquisitions, IPO an option

Arab Today, arab today

Arab Today, arab today Ride-hailing firm Careem on lookout for acquisitions, IPO an option

Abu Dhabi - Arab Today

Dubai-based ride-hailing company Careem is looking for acquisition opportunities and is considering an initial public offering as a possible option but has no timeframe in mind, its founder and CEO said.
Careem, which competes with Uber and operates from Pakistan to Egypt, plans to enter second-tier cities in Saudi Arabia, Egypt and Pakistan this year as well as new markets in North Africa and the Levant, Sheikha told Reuters. He did not specify which countries.
Careem has been quoted in Middle East media in recent months as saying it is looking at an initial public offering in the next two to three years, but Sheikha said an IPO was only one option under consideration.
“An IPO is one of several options for an exit or liquidation,” Sheikha said in an interview. Asked if 2019 was a target date, he said “it is hard to predict.”
Bankers and advisers have not been hired, he said.
Careem was valued at about $1 billion following an investment of $350 million by Saudi Arabia’s state telecoms company and Japanese Internet firm Raukten.
The company operates in over 10 countries across the Middle East, North Africa and Pakistan and employs around 150,000 drivers.
Acquiring other companies would help it to expand.
“We are open to it if we find companies that accelerate that (growth) path,” Sheikha said without being more specific.
Careem suspended services in Abu Dhabi in late August, along with rival Uber, due to some regulatory issues, but Sheikha said they had now resumed.
Careem was still in talks with the Abu Dhabi regulators to “enhance the regulatory framework,” he said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ridehailing firm careem on lookout for acquisitions ipo an option ridehailing firm careem on lookout for acquisitions ipo an option

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ridehailing firm careem on lookout for acquisitions ipo an option ridehailing firm careem on lookout for acquisitions ipo an option

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 09:24 2018 Wednesday ,12 December

LuLu supports KFUPM Rectors Cup marathon

GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 09:12 2018 Wednesday ,12 December

Ford trains 1,600 motorists in Mideast, Africa in 2018

GMT 16:16 2018 Friday ,07 December

Amr Diab, Myriam Fares at Al Maryah Island NYE party

GMT 08:46 2017 Thursday ,07 December

Dalal Abdel Aziz happy for honoring husband

GMT 12:08 2017 Sunday ,26 March

UK push for trade with Turkey concerns lawmakers

GMT 15:43 2017 Wednesday ,16 August

Polanski faces fresh accusation of sex attack

GMT 07:22 2015 Wednesday ,22 April

Production of secret to Chanel N°5 under threat

GMT 16:34 2017 Wednesday ,12 July

Iran and Oman to strengthen ties amid Gulf crisis

GMT 23:07 2017 Thursday ,16 November

Jordan condemns terrorist attack in New York

GMT 11:52 2015 Sunday ,15 February

Chloé teams with Mandarin Oriental Hyde Park

GMT 13:18 2016 Tuesday ,08 November

Lorde, 20, reveals album on adulthood
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday