Uber planning merger with Middle East rival Careem?

According to a latest report, Uber is in preliminary talks with rival Careem to combine their Middle Eastern ride-hailing services.

In discussions with Careem, Uber has said that it would need to own more than half of the combined company, if not buy Careem outright, added the Bloomberg report.

While Uber has declined to comment, Careem did not confirm or deny the report.

“Our ambition is to build a lasting institution for the region and that means focusing on growth into new markets and doubling down on our existing cities to open our platform up to new products and services. We are only getting started,” Careem spokeswoman Maha Abouelenein told media.