Dubai-based ride-hailing company Careem is looking for acquisition opportunities and is considering an IPO as a possible option but has no timeframe in mind, its founder and CEO Mudassir Sheikha said. Careem, which operates from Pakistan to Egypt, plans to enter second-tier cities in Saudi Arabia, Egypt and Pakistan this year as well as new markets in North Africa and the Levant. Sheikha did not specify which countries. Careem has been quoted in Middle East media in recent months as saying it is looking at an IPO in the next two to three years, but Sheikha said an IPO was only one option under consideration. Careem was valued at about USD1bn following an investment of USD350mn by Saudi Arabia's state telecoms company and Japanese internet firm Raukten. The company operates in over 10 countries across the Middle East, North Africa and Pakistan and employs around 150,000 drivers.
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