Investors of the Middle East have had an interest in Silicon Valley since a long time, however, there has been a reciprocation of some of that attention.
In 2017, there was an acquisition of the first unicorn of the Middle East, Souq.com, by Amazon for 580 million dollars. More lately, at the end of this year’s March, Uber got acquisition of the ride-hailing service Careem, in a 3.1 billion dollars transaction which is being expected to close in the coming year’s first quarter.
Careem will then become an entirely-owned subsidiary of Uber, have its operation as an independent firm under the brand ‘Careem’ and led by the founders of Careem.
Careem became the second unicorn of the region by the end of 2016, just 4 years after its formation. Ever since according to the estimates of the firm it has created more than a million employment opportunities and was able to generate earnings of more than 2 billion dollars across fifteen markets.
However, it will be wrong to assume that every journey of being acquired, or an evaluation of a billion-dollar would be this quick. As the Chief Executive Officer of Souq.com, Ronaldo Mouchawar noted in Harvard Business Review, his firm was found originally way back in 2005. There was the migration of his site to a mobile-focused e-commerce platform from being an eBay-like auction marketplace before being acquired by Amazon over ten years later.
The financial foray of Uber into the zone, along with the earlier purchase by Amazon, has, without doubt, ignited interest in which firm may be next to be acquired. Predictions are extremely hard to make. Ake the example of Fetchr, Property finder, or Jamalon.