(Reuters) Shares of ride-sharing giant Uber Technologies rose more than 2.62% in premarket on Tuesday on talks with the Middle East unit Careem to bring onboard outside investors.
The investment is expected to aid in the roll-out of Careem’s Supper App, boosting its services outside ride-sharing, including food delivery, courier, and digital payments.
Uber will reportedly remain Careem’s shareholder, while the Middle East unit’s management will retain greater decision-making in the entity. The investment is expected to pave the way for the listing of Careem.
Uber acquired the Dubai-based Careem more than two years ago for $3.1 billion but chose to keep the app and brand intact. The acquisition gave Uber dominance in the Middle East and Pakistan.
UBER: NYSE is up +2.62% on premarket.
