Careem, founded in 2012, has a larger presence than Uber in the Middle East, North Africa, Pakistan, and Turkey, operating in 98 cities there compared with Uber's roughly 23 locations.
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00:00Hello and welcome to Gulf News Daily Business Wrap.
00:04Uber is planning to buy Kareem for $3.1 billion in stock and cash.
00:11The company will pay about $1.4 billion in cash and $1.7 billion in convertible notes
00:18to Kareem founders.
00:20So how this will change life for you and me?
00:22Currently the branding will stay as well as the app.
00:25Why Uber wants to buy Kareem?
00:27It's basically the reach.
00:30Uber is present in only 23 locations in the Middle East compared to 96 locations that
00:36Kareem is operating in.
00:38And why now?
00:39That's a million dollar question.
00:41Uber is planning to file for an IPO and analysts say that company could be valued by as much
00:46as $100 billion.
00:48Amid falling iPhone sales, Apple is planning to reintroduce itself as the entertainment
00:52and financial services company.
00:54They plan to launch Apple Plus TV, that's the video streaming service, as well as credit
01:00card services, as well as a gaming arcade.
01:04All this will be available on the App Store.
01:06We don't know the pricing as of now, neither do we know when this will be available for
01:10customers.
01:11Airbus has secured $35 billion worth of deal from China because Chinese President Xi Jinping
01:18is in Paris currently and he's talking to French President Emmanuel Macron.
01:24This would deal a blow to Boeing, which is already grappling with its grounded, best-selling jet.
01:30Airbus share prices rose as much as 1.9% in trade today.
01:34Remember that Airbus has gained about 38% so far in the year compared to 15% gains that
01:40we have seen in Boeing shares.
01:42That's it from me and thanks for watching.
01:43For more, you can log on to gulfnews.com slash businessnews.