Uber Technologies Inc.’s Middle Eastern subsidiary is looking to raise as much as $500 million from investors including regional sovereign wealth funds to help bankroll an expansion into services beyond ride-hailing, people familiar with the matter said.
Dubai-based Careem has held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds, the people said, asking not to be named because the information is private. Bank of America Corp. is advising on the transaction, they said.
Talks are at an early stage, so the final amount might still change and more funds might join, the people said. Careem, Uber and Bank of America declined to comment, while ADQ and PIF weren’t immediately available to comment.
Careem was acquired by Uber for $3.1 billion in a landmark deal for the regional startup sector in 2019. Despite Uber’s full ownership and a degree of cooperation, both companies operate relatively independently.
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