What Uber, Mastercard deals in UAE mean for Middle East technology sector

Dubai: When it comes to technology and venture investing, the Middle East hasn’t historically ranked as a top destination for companies looking to deploy capital. But a series of recent deals could be a sign that the nascent sector is finally coming of age. The first signs were in 2017, when U.S. e-commerce giant Amazon.com […]

Uber announces $3.1 Billion deal to buy mideast rival Careem

Uber Technologies Inc. Chief Executive Officer Dara Khosrowshahi has cut the largest deal of his tenure, buying Middle Eastern ride-hailing competitor Careem Networks FZ for $3.1 billion. Uber will pay Dubai-based Careem $1.4 billion in cash, and another $1.7 billion in convertible notes when the deal closes, the two companies said in a statement early […]

Dh5.6 billion approved to address water scarcity, food security problems, says Abu Dhabi crown prince

Dubai: A multi-billion-dirham budget has just been approved in the UAE to help address some of the most critical problems of the world: lack of water and food supply. His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, revealed on Monday that […]