Uber's Middle East rival Careem looks to raise up to $200 million in China: source | Reuters

Uber's Middle East rival Careem looks to raise up to $200 million in China: source | Reuters:

Careem, Uber’s main Middle East rival, is looking at raising between $100 million and $200 million from Chinese investors, a source with direct knowledge of the matter told Reuters.

Investment bank China International Capital Corporation (CICC) is advising Dubai-based Careem, but it was not immediately clear when or if a deal would be finalised, the source said, adding there was a lack of familiarity and interest among Chinese investors in Middle Eastern start-ups.

Beijing-based CICC and Careem both declined to comment.