Uber’s acquisition of Careem to have multiplier effect

Dubai: Uber’s mega deal to acquire local rival Careem for $3.1 billion (Dh11.3 billion) is expected to put the region’s start-up sector under the international spotlight and multiply the number of entrepreneurs in the Middle East. Experts said that the acquisition comes as “fantastic” news to the ecosystem, and proves that the region can produce […]

Pound below 9-month highs before Brexit votes

London: The pound hovered below a recent nine-month high on Wednesday before a series of indicative votes in the British parliament on how to break the Brexit impasse. With options including stopping Brexit to a new customs union to Prime Minister Theresa May’s existing deal still in the mix, markets doubt there will be a […]

Trump’s offshore cash promise of $4 trillion falters as $665b returns

Washington Corporate America brought $664.9 billion of offshore profits back to the US last year, falling short of the $4 trillion President Donald Trump said would return as a result of the 2017 tax overhaul. Companies repatriated $85.9 billion in the fourth quarter of 2018, the lowest sum for the year and down from $100.7 […]

What the Uber-Careem deal means for customers, investors

Dubai: While Uber’s $3.1-billion-deal (Dh11.39 billion) to acquire Careem will help the San Francisco-based company expand its footprint in the Middle East and Pakistan, customers may be getting the short end of the stick on that mega deal, analysts said. Customers An acquisition of Careem will mean that Uber will have a monopoly in the […]