Uber snaps up rival for $3.1bn

Ride-hailing service Uber said it has acquired its Middle East competitor Careem for $3.1 billion (£2.3bn), making it the largest-ever technology purchase in the region.

Uber said the deal consists of $1.7bn in convertible notes and $1.4bn in cash. The deal will make Careem a wholly-owned subsidiary of Uber, operating as an independent company under the Careem brand.