ridehailing firm careem on lookout for acquisitions ipo an option
Sunday 19 January 2025
Last Updated : GMT 09:07:40
Egypt Today, egypt today

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

Egypt Today, egypt today

Egypt Today, egypt 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

egypttoday
egypttoday

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



GMT 13:19 2012 Monday ,12 March

Yehia Al-Fakharany speaks about new series

GMT 19:13 2012 Wednesday ,14 March

Gunmen kill 19, injure 8 in western Ethiopia

GMT 07:43 2012 Monday ,19 March

6 Somalis killed in Mogadishu mortar attack

GMT 06:41 2011 Friday ,05 August

Oman to build solar plant for oil recovery

GMT 00:48 2012 Saturday ,14 January

Cassano cleared to train after heart scare

GMT 07:08 2015 Tuesday ,02 June

Expedition returns to South Pacific

GMT 05:52 2013 Wednesday ,18 September

Ayoon Wa Azan (They are all against Syria)

GMT 14:29 2012 Thursday ,19 January

2012 Chevrolet Camaro ZL1

GMT 22:52 2012 Saturday ,18 February

Victoria Beckham collection launch

GMT 11:52 2011 Monday ,13 June

Barclays makes pledge on PPI compensation

GMT 08:58 2017 Saturday ,09 September

Sources deny rumors over George Wasoof’s health

GMT 18:04 2011 Wednesday ,21 September

Elie Saab Haute Launches Perfume during Paris Couture Week

GMT 18:23 2015 Sunday ,07 June

Zagato unveils monstrous Maserati

GMT 04:53 2017 Saturday ,25 March

Euro zone growth ‘surges’ to 6-year high

GMT 07:56 2012 Monday ,02 January

Makkah firms launch CSR partnership

GMT 09:28 2012 Monday ,19 November

‘Wizard of Oz’ game launched

GMT 08:27 2011 Wednesday ,01 June

Bahrain king offers dialogue to all parties

GMT 13:50 2016 Monday ,29 August

Red-hot Ariya blitzes field

GMT 09:00 2017 Monday ,23 October

'keep making money' via trade

GMT 15:01 2018 Thursday ,01 November

US-made weapons uncovered in Deir Ezzor countryside

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday