Uber Technologies Inc is in talks to buy Dubai-based rival Careem Networks FZ for about USD2 billion to USD2.5 billion, Bloomberg reports.
No final decisions have been made, and the companies may decide against the transaction.
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.
“We believe the consumer internet opportunity in the region is massive and untapped,” Careem said in an emailed statement. “In the last couple of years, the rest of the world has begun to embrace this opportunity and we have been approached by multiple strategic and financial investors. Our ambition remains to build a lasting tech institution from the region.”
Careem is a transportation network company based in Dubai, with operations in over 100 cities in 14 countries in the Middle East, North Africa, and South Asia. The company is valued at around USD1.2 billion as of 2017.