Mega deal to acquire Dubai-based Careem for $3.1 billion may be bad news for consumers.
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00:00The Middle East's biggest ever tech deal has just been signed. That is of course Uber's
00:06deal to acquire local rival Kareem for $3.1 billion. But what exactly does that deal mean
00:11for you? Well, analysts say that the deal could lead to price increases for consumers
00:16as Uber will now have monopolistic power once it acquires Kareem. The transaction will be
00:21completed in the first quarter of 2020 and under it, Kareem will still retain its branding
00:26and its app, but the company hasn't made it clear whether or not fares will change.
00:30In other news, nearly three years after the UK voted to leave the EU, it is still unclear
00:35exactly how that exit will map out or when exactly it will happen. Members of Parliament
00:40are now readying to vote for yet another version of Brexit. In response, the British pound
00:44is not really moving much, but investors are still waiting to see how the members of Parliament
00:49will vote and how British Prime Minister Theresa May will push her Brexit deal. For more details
00:54on these stories and more, please do check us out at gulfnews.com forward slash business.
00:59This has been the Daily Business Wrap. Thank you so much for watching.