Investors have weighed in on Uber's acquisition of Careem.
On Tuesday, global ride-hailing firm Uber confirmed it will spend $3.1 billion to acquire its Middle East rival.
Fadi Ghandour, founder of Dubai-based Wamda Capital, tells ARN News what he makes of the development.
He added that the deal proves that local ideas are worth investing in.
You can listen to Ghandour's full interview with Dubai Eye 103.8's Business Breakfast here.
US and UK announce a trade deal, but steel imports unresolved
US President Donald Trump has signed an agreement formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal.
CBUAE fines exchange house AED 10 million, cancels licence
The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and removed it from its official register.
Trump Organisation launches mobile phone service, handset
The Trump Organization launched a self-branded mobile service and a $499 smartphone on Monday, dubbed Trump Mobile, signalling a new effort to court conservative consumers with a wireless service positioned as an alternative to major telecom providers.
AED 750 million in contracts awarded for Palm Jebel Ali infrastructure
Nakheel, part of Dubai Holding Real Estate, has awarded three contracts worth over AED 750 million for major infrastructure works on Palm Jebel Ali.
UAE to achieve non-oil foreign trade targets early: Sheikh Mohammed
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has expressed confidence that the country will achieve its non-oil foreign trade targets four years ahead of schedule.
Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Iranian nationals currently in the UAE will be exempt from overstay fines caused by delays in leaving the country.
The UAE’s Federal Authority for Identity, Citizenship, Customs, and Port Security has confirmed that all necessary measures are in place to ensure uninterrupted airport operations in response to recent regional developments and airspace closures in neighbouring countries.
The UAE's President His Highness Sheikh Mohamed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan have held a phone call to discuss the latest developments in the Middle East and ways to promote regional stability.
