when it comes to disruption of technology Uber and Careem are both doing really well in disrupting the taxi industry. Careem is in Dubai and has scaled their business remarkably well. Bloomberg had just announced that Uber technologies is going to acquire Careem for $3.1 Billion deal. the announcement of transaction will be on Tuesday.
Careem has a plethora of shareholders and the Saudi prince also invested in Careem. Careem has a gargantuan market share it is running in more than 90 cities in more than twelve countries. it has above 30 million end users. there are also a lot jobs created through these tech giants which creates stability and increases wealth in the country. the youth is engaged especially with more jobs given in the industry this creates wealth generation and prosperity. the merging of both companies eventually will be beneficial in the long run. this would reduce cost and create more opportunities. Uber will dominate the middle-east market and will have more customer base. apparently this would make the companies more revenue generation.the market is dynamic. Apple made a lot of revenue through sales of hardware particularly I phone but now their sales are declining and they are investing on an online media channel somewhat similar to Netflix business model. Uber has to understand the market need and wants in order to be more profitable.