Uber is gearing up for an initial public offering that’s expected to take place later this year. It’s reportedly seeking a valuation of as much as $120 billion. Combining with Careem will give Uber dominance over the Middle East region and could help the US company trim its losses.
Uber has a mixed track record in international markets. Since 2016, it has retreated from China, Russia and eight Southeast Asian countries. But it has been playing up its global ambitions as it prepares to go public.
Uber CFO Nelson Chai said in November that the company had invested in “high-potential markets in India and the Middle East where we continue to solidify our leadership position.”
Read More.. Source CNN Business