Digital Middle East – The 4 articles you shouldn’t have missed this week

A lot is going on in the Middle East in terms of digital transformation and innovation. Every week we’re listing the most important bits and bites you shouldn’t have missed.

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Uber Is in Talks to Acquire Dubai Ride Hailing Firm Careem (Bloomberg)

Uber is in discussions to buy its Dubai-based rival Careem as the ride-hailing giant expands in the Middle East, people familiar with the matter said.

A deal could value Careem at $2 billion to $2.5 billion, the people said, asking not to be identified because the talks are private. Negotiations are ongoing and Careem’s management is working to convince the firm’s shareholders of the merits of a deal, the people said. No final decisions have been made, and the companies may decide against the transaction, they said.

Read more about Uber and Careem

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Saudi’s PIF confirms $1bn investment in Tesla rival Lucid (Gulf Business)

Saudi Arabia’s Public Investment Fund (PIF) on Monday announced an investment deal worth more than $1bn with Tesla rival Lucid Motors.

The agreement follows reports that the PIF was in talks with the electric carmaker last month, coinciding with a period in which Tesla CEO Elon Musk indicated the sovereign fund had shown an interest in taking his firm private.

Reuters said in August that the Lucid deal could see the PIF, which has an estimated $250bn in assets, obtain majority ownership.

Read more about Saudis PIF investment in Lucid

Etisalat, Du will be ‘out of business’ if they don’t invest in data, warns Al Mulla (ARABIAN BUSINESS)

UAE telecom operators Etisalat and Du might be “out of business” if they continue to focus on making revenue from phone calls as opposed to data, according to the chairman of law firm Baker McKenzie Habib Al Mulla.

Speaking to Arabian Business, Dr Habib Al Mulla said calls will soon be outdated due to technological developments such as voice over internet protocol
(VoIP) services including Skype and WhatsApp calls.

Read more about the future of the telecommunication industry

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The Most Notable Startup Exits in H1 2018 (MAGNIIT)

The dream of some startup founders can often be summarized into one word – “exits”. As competition continues to grow within the startup ecosystem in the Middle East and North Africa, many companies look to acquire startups that would add value to their own, be it to enhance their product or simply to eliminate the competition.  

During the first 6 months of 2018, 10 startups in the Middle East and North Africa reached an exit deal, all of which were undisclosed in terms of funding amount. Some of the top acquirers include Dubbizle and Gulf Capital, both of which made 2 deals each in the first half of 2018.

Magniit highlighted some of the most notable exits that took place in the first half of 2018.

Read more about the biggest exits in UAE

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