Careem FZ, a ride-sharing service that competes with Uber Technologies Inc. in the Middle East, is seeking as much as $500 million in new funding, according to people familiar with the matter.The company is working with Credit Suisse Group AG to find investors, the people said, asking not to be identified as the information is private.The company, which was founded in 2012 and operates in about 30 cities, could be valued in excess of $1 billion after raising the capital, the people said.No final agreement has been reached, the people said.A representative for Careem didn t immediately respond to a request for comment.A representative for Credit Suisse declined to comment.Ride-hailing services globally are raising cash to fend off competition from larger rivals and expand their regional businesses.Southeast Asian service provider Grab raised $750 million from investors led by SoftBank Group Corp. this month, in the largest-ever funding round for a consumer technology company in the region.Dubai-based Careem raised $60 million last year from investors including Abraaj Group to expand in the Middle East, North Africa and South Asia.Saudi Arabia s Public Investment Fund this year invested $3.5 billion in San Francisco-based Uber.Both Careem and Uber suspended their services in Abu Dhabi last month after reports emerged that police arrested drivers and impounded cars.
Five months after its March 2016 launch, Ousta, Egypt s first local ride sharing app, has received a bridge investment of $1.25 million as it looks to challenge established industry stalwarts, Uber and Careem.Although the financing is a pittance compared to the combined might of Uber and Careem, who are both incredibly active in the Egyptian ride-sharing market, the company says it can rely on its syndicate of angels and venture capitalists from Egypt and the United Arab Emirates to support the company as it pursues a much larger round of financing.Despite its lack of cash clout, Ousta has been expanding across Egypt.The company now operates in 11 main cities and has locked in 3000 cars in the five months since launching.The bridge investment will boost car numbers to over 10,000 vehicles on the road by the end of 2016 as well as allow the app to cover the entire Egyptian map within the same time frame.This is one of the largest investment deals in a tech startup in Egypt.
Uber Technologies Inc. and its Middle East competitor Careem Networks suspended services in the capital of the United Arab Emirates for a fourth day, amid reports that police have arrested drivers and impounded cars.At this point we will not resume services in Abu Dhabi until we have further clarity on the matter and reassurances that partners will not be at risk, Uber said in an e-mailed statement today.Both companies described the suspension as temporary and Uber said none of its drivers were arrested.Police arrested 50 drivers working in limousine companies and impounded 70 cars, Abu Dhabi-based The National reported late Sunday.Mohamed Al Qamzi, general manager of TransAD, the city s taxi regulator, said the companies had on occasion contravened regulations by offering trips at a lower price than licensed limousines, the newspaper reported.A spokesman for the Abu Dhabi government s Executive Council wasn t able to comment.Uber, founded in 2009, has faced opposition in almost every country it entered.Taxi drivers in Paris clashed with police during a protest against it earlier this year, while governments in Spain, Thailand and elsewhere have at one time or another banned the service which allows users to summon taxis from their phones.In Saudi Arabia, some municipal and business-lobby leaders have said such services are illegal or, at least, need closer oversight.The controversy hasn t dented the companies ability to raise billions of dollars in venture capital funding.
Confused location for taxiapparnas drivers in the United arab Emirates.They both taxiapparna Uber and Careem have closed down their operations in the United arab emirates capital Abu Dhabi, after 50 drivers have been arrested and 70 cars seized, it writes the local English-language newspaper The National.According to the sources of the site is currently confusion as to why the drivers have been arrested.Both the u.s. Uber and svenskgrundade Careem launched in Abu Dhabi in 2013 and only has permission to use the drivers from any of the 18 registered taxi companies available in the city.A spokesperson for Uber says to the site that the company hopes to resume operations in Abu Dhabi shortly and that it will give notice of it within two days.According to a spokesperson for the authorities to Uber and Careem have offered trips to a lower price than the existing taxi companies and, thus, have violated the rules.
Taxiapparna Uber and svenskgrundade Careem has temporarily stopped its taxiverksamheter in Abu Dhabi.Svenskgrundade Careem and american Uber are each other's biggest enemy when it comes to taking market share in the Middle east.But now the companies have encountered a common problem – the laws of the United arab emirates and Abu Dhabi.the Companies that have been in the region since 2013, had problems at the weekend when a 50-odd drivers from both companies were arrested by the police.the Incident led to both Uber and Careem temporarily stopped taking bookings in the city, writes the Abu Dhabi news site the National.We want you to know that this was a decision taken by both companies, and our goal is to resume operation in Abu Dhabi as soon as possible , wrote Uber in a statement.
Ride-hailing companies Uber and Careem have abruptly suspended services in Abu Dhabi, United Arab Emirates, after 50 drivers were reportedly arrestedPopular ride-hailing services Uber and rival Careem have abruptly halted services in Abu Dhabi, the capital of the United Arab Emirates UAE since Saturday 27 August after drivers were reportedly arrested by authorities.Citing "an operations manager whose company provides limousine services to Uber and Careem", Emirates newspaper The National reported around 50 drivers were arrested over the weekend."One of our drivers was put in jail at the weekend and it's happened with loads of drivers from other limousine companies as well," the manager said.We haven't been able to see them or speak to them yet."Both Uber and Careem, which were launched in Abu Dhabi in 2013, have said that their services in neighbouring tourist hotspot and commercial hub Dubai have not been suspended.
Taxi-hailing company Uber has suspended its service in Abu Dhabi, the capital of the United Arab Emirates.Rival service Careem has also put its service there on hold, after some of its cars were stopped by authorities.Uber, which has been operating in the Emirates since 2013, did not explain why it had suspended its service, but did say the move was "temporary".Reuters news agency reported that some Uber drivers had been detained for not meeting regulations.In a statement Uber said: ""This is a temporary suspension and we will let you know of any further updates."Both Careem and Uber said that services in neighbouring Dubai were operating as normal.
View photosMoreAn illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign September 15, 2014.ABU DHABI Reuters - Ride-hailing services Uber UBER.UL and Careem have suspended services in Abu Dhabi, the capital of the United Arab Emirates, since Saturday and did not know when they could resume operations, they said on Sunday.This is a temporary suspension and we will let you know of any further updates, an Uber spokesman in Dubai said via email.He did not respond to a question on the reason for the suspension.Christian Eid, vice-president of marketing and communications for Careem, a Dubai-based company, said many of its drivers were being stopped by authorities in Abu Dhabi, apparently over licensing issues, and as a result had become nervous and were staying off the roads.This had forced Careem to halt services there, he said.
Dubai, United Arab Emirates AP -- Ride-hailing service Uber and competitor Careem have unexpectedly suspended services in the United Arab Emirates capital of Abu Dhabi.San Francisco-based Uber said Sunday the move was temporary and that its "goal is to resume operations as soon as possible."It declined to say what prompted the suspension.The state-backed daily The National reported that rival car service Careem also halted services in the capital starting Saturday afternoon.In a statement to The Associated Press, Careem said the suspension came after some of its cars were stopped by authorities."Until we have further clarification on the situation, Careem has decided to temporarily limit services in Abu Dhabi to avoid any inconvenience this may cause," the company said.It did not elaborate.Officials at the Abu Dhabi Department of Transport could not be reached for comment.The companies' operations in the Emirates' largest city of Dubai, which has a different transport regulator, were unaffected by the suspension.
Uber Technologies Inc. is set to start its ride-hailing service in Karachi this week as the security situation in Pakistan s largest city improves.The San Francisco-based company will offer both cash and electronic methods of payment and will operate in areas with very few incidents of violence such as Clifton, Saddar Town and Korangi, according to Zohair Yousafi, who s spearheading Uber s expansion in Pakistan.The company started in Pakistan s Lahore city earlier this year.Pakistan has been really incredible, Yousafi said in an interview on Tuesday.Lahore has been one of the fastest growing launch cities in the region s history.The potential Karachi brings just because of its massive population is huge.The on-demand ride service joins Dubai-based Careem in tapping demand in a city that has a population equivalent to that of Australia, and is recovering from decades of sectarian violence, bombings and kidnappings.
Uber, which was founded in March 2009, has raised more than $11bn till dateUber Technologies has raised $3.5bn £2.43bn, €3.12bn from the Public Investment Fund PIF of Saudi Arabia, the sovereign investment fund of the kingdom.While the deal does not cash out any of Uber's existing investors, it continues to value the ride-hailing giant at $62.5bn.Travis Kalanick, chief executive at Uber, said: "We appreciate the vote of confidence in our business as we continue to expand our global presence.It added that expanding its service in Saudi Arabia would benefit the people, especially Saudi women as they are not allowed to drive because of fatwas or religious edicts, issued by Muslim clerics.It faces competition from Careem, a Dubai-based startup backed by Saudi Telecom Company, Al Tayyar Group and others.Crown prince Mohammad bin Salman had recently said he intends to sell less than 5% of Saudi Aramco, the state-owned oil giant, and use the funds to create a PIF worth $2tn.