Alparslan Bayraktar, Turkey's Minister of Energy and Natural Resources, meets Abdirizak Omar Mohamed, Minister of Petroleum of Somalia in Istanbul. Photo: Turkish Ministry of Energy and Natural Resources
Alparslan Bayraktar, Turkey's Minister of Energy and Natural Resources, meets Abdirizak Omar Mohamed, Minister of Petroleum of Somalia in Istanbul. Photo: Turkish Ministry of Energy and Natural Resources
Alparslan Bayraktar, Turkey's Minister of Energy and Natural Resources, meets Abdirizak Omar Mohamed, Minister of Petroleum of Somalia in Istanbul. Photo: Turkish Ministry of Energy and Natural Resources
Alparslan Bayraktar, Turkey's Minister of Energy and Natural Resources, meets Abdirizak Omar Mohamed, Minister of Petroleum of Somalia in Istanbul. Photo: Turkish Ministry of Energy and Natural Resour

'Influence beyond neighbourhood': Turkey looks to Africa in strategic race


Lizzie Porter
  • English
  • Arabic

Last month, passenger trains pulled out of the Tanzanian port city of Dar es Salaam towards the capital Dodoma for the first time, a distance of more than 450km. Beaming posts on social media showed President Dr Samia Suluhu Hassan waving off some of the first passengers.

The line, part of a major $7.6 billion railway project stretching more than 1,200km, was built by Turkish company Yapi Merkezi, whose previous projects included the Dubai Metro and Makkah and Madinah train stations. The giant Turkish firm is already working on its next African project: another major railway line in Uganda.

Since 1972, Turkish contracting firms have completed 1,977 projects worth $91.5 billion in Africa, a Trade Ministry official told The National.

But the two projects in Tanzania and Uganda are part of a new push by the Turkish government into Africa – not only to find new markets for Turkish businesses as the domestic economy continues to struggle, but also, according to observers, to strengthen the middle power’s long-term strategic interests in the face of competition from the Middle East, Russia, and China.

"Ankara's increasing engagement on the continent is not, of course, solely driven by its short-term interests or economic concerns,” said Elem Eyrice Tepeciklioglu, an associate professor at the Department of African Studies at the Social Sciences University of Ankara.

Turkey has “ambitions to extend its area of influence beyond its immediate neighbourhood" in the Middle East and Europe, she added.

A passenger train runs on the line between Dar es Salaam and Dodoma. Reuters
A passenger train runs on the line between Dar es Salaam and Dodoma. Reuters

This strategy aligns with Ankara's recent efforts to repair diplomatic relations with former adversaries, particularly in the Middle East, as part of a broader initiative to seize economic opportunities and address regional security challenges.

For Abel Abate Demissie, an associate fellow at Chatham House’s Africa programme, President Recep Tayyip Erdogan aims to re-establish Turkish influence in some areas where the Ottoman Empire previously held sway, particularly in North Africa and the Horn of Africa during its peak. Meanwhile, many countries in the Horn of Africa have struggled to establish stable governance while facing extremist insurgencies, such as Al Shabab. Coupled with the disengagement of traditional western partners, these nations have been exploring new alliances.

“There is a niche for the middle powers in the Horn of Africa," said Mr Demissie. "Many of the countries are trying to court as many partners as possible, because the role of the West is significantly diminishing.”

In Somalia, Ankara has built diplomatic, trade and military relationships over the years, recognising the country's geographically strategic position and economic potential. The East African nation has been beset by conflict, extremist insurgency and famine for decades. Other countries have stepped in to back up its military, while securing interests in its multiple ports on a key shipping lane through the Gulf of Aden and Arabian Sea.

Turkish conglomerate Albayrak runs Mogadishu port in Somalia's capital, and a Turkish firm also runs the city’s airport. Last month, Turkey’s Parliament agreed to extend the country’s troops' presence in Somalia for another two years, an indicator of its interest in maintaining a military footprint in the East African nation.

Mahad Wasuge, executive director of the Mogadishu-based Somali Public Agenda think tank, noted that foreign interest in the African nation is primarily driven by commerce and security. He added that Ankara has gradually built up goodwill and relationships in the country, positioning itself for more significant investments and long-term activities.

“We have multiple ports, but they are not functioning properly,” he told The National. “That is why there has been interest in getting access to our waters, when we have all these coastlines doing nothing.

“I would say everything is in a rudimentary and basic stage, so the potential in almost every sector is huge.”

Other observers point out that Turkey is not actively looking to rival other countries in Africa, especially Arab nations, but to secure its interests in a place where others are looking out for their own, too.

Turkey's relations with vital Arab countries have been strained in the last decade due to differing visions over conflicts in the Middle East, from Libya to Syria's civil war. However, those relations have significantly improved in recent years. Regional security concerns and economic goals have primarily driven President Recep Tayyip Erdogan's proactive approach. The shift led to the mending of diplomatic ties, high-level visits, and agreements on trade and investment, fostering stronger political and economic alliances within regional powerhouses such as the United Arab Emirates, Saudi Arabia, and Egypt.

I would say everything is in a rudimentary and basic stage in Somalia, so the potential in almost every sector is huge.
Mahad Wasuge,
analyst in Mogadishu

"Looking at the competition among global and regional actors across the continent, Turkey's stance aligns with stability, standing with the people against destabilising initiatives, respecting international law, and working with legitimate governments," said Tunc Demirtas, foreign policy researcher at Seta, a Turkish think tank close to the government.

However, there are concerns that Turkey's expansion into Africa is closely tied to President Erdogan's two decades of rule, with many of the relationships with African leaders being rooted in personal friendships, creating potential long-term fragility.

The port in Mogadishu is operated by a Turkish company. AFP
The port in Mogadishu is operated by a Turkish company. AFP

"While these strong personal connections – such as the one between Erdogan and Liberia's [former president] George Weah, who share a background in football – have benefited Turkey, they also create vulnerabilities," said Selin Gucum, a political strategist who has written on Africa.

"On one hand, this raises concerns about Turkey's ability to maintain the same level of relations in the event of a change in government in Ankara. On the other hand, similar concerns arise [if] an African government is overthrown by a coup."

Significant opportunities

In Ethiopia, which has ongoing disputes with Somalia over sea access, Turkish officials recognize that the Horn of Africa nation offers significant opportunities for investment in agriculture, infrastructure, and energy, which explains Ankara’s interest.

“As a country which has historical ties with Ethiopia and the region, as well as a country who invested in the region, it is not surprising to see that Ankara has an interest in the Horn of Africa’s peace and stability,” Nebiyu Tedla, Ethiopia's Foreign Ministry spokesman, told The National.

“This is also due to the fact that the Horn of Africa is strategically located near key maritime routes, including the Red Sea and the Gulf of Aden.”

Some critics expressed concerns that Turkish companies may prioritize their own interests over those of their African partners.

In 2021, the Federation of Somali Trade Unions released an 18-page report accusing Favori LLC, the subsidiary of Turkish firm Kozuva Group that runs Mogadishu airport, of "poverty wages," providing a "hazardous working environment" and offering some Somali officials kickbacks and holidays in Turkey. The National did not receive a response to a request for comment from Favori LLC and could not verify the claims independently.

Turkey's business ambitions stretch from Algeria to South Africa, and in areas ranging from home furnishings to roads and bridges. They face competition from countries such as China, whose Belt and Road Initiative has resulted in major transport infrastructure projects across the continent but has also attracted claims of leaving some African nations with significant debts.

“The Turkish private sector has leverage in sub-Saharan Africa; it is very pragmatic,” a Turkish businessman familiar with the African market told The National.

“Turkish companies are providing both cheap and high-quality goods and services to Africa. It can compete with Chinese goods, and Turkish goods are better."

In 2023, Turkish exports to North African countries were worth $13.7 billion, up from $10.9 billion a decade earlier. Exports to sub-Saharan Africa totalled $7.7 billion last year, up from $4.4 billion in 2013, according to Turkish Statistics Institute data.

These figures indicate that exports to Africa account for only about 8 per cent of Turkey’s global sales, with the EU remaining Ankara’s largest trade partner by a wide margin. However, there are ambitions to significantly increase exports to the continent. Last year, the head of Turkey's foreign economic relations board announced a target of reaching a total Africa-Turkey trade volume of $75 billion. Turkish Airlines, the country's flag carrier, supports this goal by flying to over 50 destinations across Africa, from Tunis to Cape Town.

Long-term goals

Turkey is also looking into strategic and high-value industries in Africa. Last month, a large Turkish delegation travelled to Niger, following an order from the west African country for western military personnel to leave.

The nation of 27 million people suffers from high levels of poverty but is also home to significant uranium and gold reserves, which Turkey is viewing with interest as it attempts to diversify and secure future supplies of energy and strategic assets. A net fuel importer, Turkey is currently heavily reliant on natural gas from Russia and Iran. It appears to be looking to Africa to change that.

Turkish official sources confirmed to The National that the country sees “significant opportunities” in Niger in terms of securing long-term uranium supplies for future nuclear power production, “untapped” oil and gas reserves in the Agadem Basin in the country’s south-east and opportunities for Turkish companies to invest in renewables.

During the visit, Turkey’s Minister of Energy and Natural Resources Alparslan Bayraktar signed a declaration of intent for closer co-operation with his counterpart in Niger, Minister of Petroleum Mahaman Moustapha Barke Bako. That came alongside an agreement signed with Somalia's Petroleum Authority for Turkey to explore three maritime oil and gas blocks in the country.

Turkey’s state-owned mining company is already actively working in three of Niger’s gold-mine licensing areas, authorities in Ankara confirmed. Turkey sees gold as a strategic asset, serving as a hedge against economic instability, especially important given the country’s years-long crisis that has caused a crash in the value of the Turkish lira and soaring inflation.

Turkish military equipment is very popular, so this is also related to Turkey's rising national defence industry – looking for more new markets with each country
Elem Eyrice Tepeciklioglu,
associate professor at Ankara's Social Sciences University, on Turkey's interest in Africa

It is also seeking markets across Africa for its domestically produced military drones.

A December 2023 tally by the International Crisis Group think tank found that countries across Africa, from Mali to Somalia, own Turkish-made drones, often using them against Islamist extremists and other insurgents.

“This also has something to do with arms sales,” said Ms Eyrice Tepeciklioglu, regarding the Niger visit. “Turkish military equipment is very popular, so this is also related to Turkey's rising national defence industry – looking for more new markets with each country.”

There are other factors to consider: International Crisis Group warned that, like other drone exporters, Turkey may face the challenge of knowing whether purchasing countries will use the drones in line with international law. “Some [buyers] may fail to fully consider, or may discount, the dangers to civilians of using drones in counter-terrorism operations, including urban ones, or in policing operations,” the group's 2023 report said.

Diplomatic manoeuvres

Trade and military co-operation come alongside a growing Turkish diplomatic presence in Africa. In 2002 it had only 12 embassies on the continent. Today, that number has risen to 44 embassies and six consulates, a Turkish diplomatic official confirmed.

Part of a developing Africa policy has seen Ankara move from a provider of humanitarian aid and security co-operation to seeking opportunities to boost its reputation as a mediator. In one example, Turkey is acting as a peacemaker in long-term disputes between Somalia and Ethiopia. The move fits into a broader pattern of Ankara’s attempts to play middle man such as in conflicts between Russia and Ukraine, and Israel and Hamas.

This month Turkey hosted a second round of talks between officials from Ethiopia and Somalia, nicknamed “the Ankara Process.” The countries’ differences intensified this year when Ethiopia and Somaliland signed a preliminary agreement allowing Addis Ababa access to the sea through the region in exchange for recognition of its independence. Ethiopia believes it should have access to the waters, whereas Somalia sees Somaliland as part of its territory and believes Ethiopia is attempting to harm its sovereignty.

Turkey has had to tread carefully in balancing relations between both countries over the course of their most recent dispute.

"There was a tendency [by Turkey] to side with Somalia, so there was some displeasure that we saw in Ethiopia – they didn’t think Turkey would do this to the cordial relationship the countries enjoy at the moment," said Mr Demissie of Chatham House. "I think that created some discussions behind the doors between Ankara and Addis Ababa, for Turkey to take on this negotiating role."

The talks are marathon in scale and reaching a solution will not be easy – another round of negotiations is scheduled for next month.

“No one has a magic wand – expecting miracles to be created overnight would be wrong,” said Mr Demirtas of Seta. “Regardless of where this process leads, it is a significant achievement for Turkey to bring together two countries, which have been in conflict and competition for centuries and have experienced severe tensions recently, under the same roof.”

According to Mr Demissie, based on conversations with diplomatic sources, drawn-out mediation may represent, "a conundrum" for Turkey. "It’s hard to see what options they have while the negotiations are being dragged out and the memorandum of understanding becomes a fait accompli”.

African voices supporting Ankara say it is less interested in controlling the internal affairs of African countries than former colonial powers on the continent. Alongside closer cultural ties to many Muslim African nations, and for many in Africa, Turkey seems more welcome than European and western powers.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2012.9-inch%20Liquid%20Retina%20XDR%2C%202%2C732%20x%202%2C048%2C%20264ppi%2C%20wide%20colour%2C%20True%20Tone%2C%20ProMotion%2C%201%2C600%20nits%20max%2C%20Apple%20Pencil%20hover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%2010-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%20Storage%20%E2%80%93%20128GB%2F256GB%2F512GB%20%2F%201TB%2F2TB%3B%20RAM%20%E2%80%93%208GB%2F16GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iPadOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20wide%20(f%2F1.8)%20%2B%2010MP%20ultra-wide%20(f%2F2.4)%2C%202x%20optical%2F5x%20digital%2C%20Smart%20HDR%204%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20ProRes%204K%20%40%2030fps%2C%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full%20HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%20TrueDepth%2012MP%20ultra-wide%20(f%2F2.4)%2C%202x%2C%20Smart%20HDR%204%2C%20Centre%20Stage%2C%20Portrait%2C%20Animoji%2C%20Memoji%3B%20full%20HD%20%40%2025%2F30%2F60fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%20Four-speaker%20stereo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%2C%20smart%20connector%20(for%20folio%2Fkeyboard)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2010%20hours%20on%20Wi-Fi%3B%20up%20to%20nine%20hours%20on%20cellular%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinish%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPad%2C%20USB-C-to-USB-C%20cable%2C%2020-watt%20power%20adapter%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20WiFi%20%E2%80%93%20Dh4%2C599%20(128GB)%20%2F%20Dh4%2C999%20(256GB)%20%2F%20Dh5%2C799%20(512GB)%20%2F%20Dh7%2C399%20(1TB)%20%2F%20Dh8%2C999%20(2TB)%3B%20cellular%20%E2%80%93%20Dh5%2C199%20%2F%20Dh5%2C599%20%2F%20Dh6%2C399%20%2F%20Dh7%2C999%20%2F%20Dh9%2C599%3C%2Fp%3E%0A
BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes

The Baghdad Clock

Shahad Al Rawi, Oneworld

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

KLOPP%20AT%20LIVERPOOL
%3Cp%3EYears%3A%20October%202015%20-%20June%202024%3Cbr%3ETotal%20games%3A%20491%3Cbr%3EWin%20percentage%3A%2060.9%25%3Cbr%3EMajor%20trophies%3A%206%20(Premier%20League%20x%201%2C%20Champions%20League%20x%201%2C%20FA%20Cup%20x%201%2C%20League%20Cup%20x%202%2C%20Fifa%20Club%20World%20Cup%20x1)%3C%2Fp%3E%0A
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby

The biog

Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.

Favourite book: Anything by Sidney Sheldon.

Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.

Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.

Takreem Awards winners 2021

Corporate Leadership: Carl Bistany (Lebanon)

Cultural Excellence: Hoor Al Qasimi (UAE)

Environmental Development and Sustainability: Bkerzay (Lebanon)

Environmental Development and Sustainability: Raya Ani (Iraq)

Humanitarian and Civic Services: Women’s Programs Association (Lebanon)

Humanitarian and Civic Services: Osamah Al Thini (Libya)

Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)

Outstanding Arab Woman: Balghis Badri (Sudan)

Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)

Young Entrepreneur: Omar Itani (Lebanon)

Lifetime Achievement: Suad Al Amiry (Palestine)

Updated: August 27, 2024, 9:49 AM