Uber confirms Careem acquisition for $3.1bn

In a joint statement issued earlier this morning, Uber has said that it will acquire its Dubai-based rival Careem for $3.1bn.Uber will pay $1.4bn in cash and the remaining in convertible notes for Careem which can then be converted into Uber shares. This is Uber’s priciest acquisition ever. The deal is expected to close in the first quarter of 2020 subject to regulatory approvals from the 15 countries where Careem operates. Source: Uber confirms Careem

Continue Reading

Turkey’s newest Islamic bank Emlak sets up HQ, aims for 15 branches by year-end – media | Salaam – Global Islamic Economy Gateway

Emlak Bank, Turkey’s sixth and newest Islamic bank, has opened its headquarters in Istanbul and is aiming for fifteen branches in seven regions by the end of the year, reported state news agency Anadolu. Source: Turkey’s newest Islamic bank Emlak sets up HQ, aims for 15 branches by year-end – media | Salaam – Global Islamic Economy Gateway

Continue Reading

SHUAA Capital in merger talks with ADFG – Gulf Business

Financial services and investment firm SHUAA Capital has confirmed it is in merger talks with Abu Dhabi Financial Group (ADFG).The company’s shares jumped 15 per cent to Dhs0.715 on the DFM when the news broke that discussions are underway regarding the possibility of creating a larger financial listed group. Source: SHUAA Capital in merger talks with ADFG – Gulf Business

Continue Reading

Saudi stocks set to receive $20bn windfall as kingdom joins major indices – Gulf Business

Saudi Arabia’s inclusion in major emerging markets stock indices from Monday is likely to suck in around $20bn in passive inflows, but unease after Jamal Khashoggi’s murder and sluggish reforms could lead some active foreign investors to steer clear.Saudi Arabia will be the biggest recent addition to the global indices, the largest of which is the MSCI Emerging Markets Index, which it joins from May. MSCI will give the kingdom a weight of 2.7 per

Continue Reading