Arabia Monitor on Uber’s acquisition of Careem quoted in Gulf News

Arabia Monitor on Gulf Business

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.

London-based Arabia Monitor said the deal highlights that the start-up scene in the UAE is moving “beyond nascent stages” and will help attract more capital from investors into the sector.

“The outlook for the sector is very promising as the UAE and wider region are full of budding entrepreneurs, especially in the technology field,” Florence Eid-Oakden, chief economist at Arabia Monitor, told Gulf News.

“However, the sector’s current depth in the Middle East, and North Africa more broadly, is still not living up to its potential...highlighting further opportunities for growth,” she said.

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