Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, has praised Uber's multi-billion dirham purchase of Careem after meeting with the chief executives of the once rival firms.
Sheikh Maktoum held talks with Dara Khosrowshahi, chief executive officer of Uber, and Careem counterpart Mudassir Sheikha to discuss their vision for the future.
Uber Technologies agreed a $3.1 billion (Dh11.39bn) purchase of the Dubai-based ride-hailing app last month, in a move that will allow it to remain independent.
The deal is the largest technology sector transaction to be carried out in the Middle East, eclipsing Amazon’s $580 million acquisition of Souq in 2017.
During the meeting, the businessmen explained that Careem's employees and 17,000 fleet of limousines will fall under the control of Uber once the agreement is finalised.
Sheikh Maktoum was told that the purchase is expected to be completed before the end of the year.
The Deputy Ruler of Dubai hailed Uber's expansion bid, saying that it reaffirmed Dubai's willingness to provide a home for growing businesses.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, gave his backing to the buyout in the wake of it being announced.
Sheikh Mohamed said it proved the doubters wrong – and showed that big business can "flourish" in Dubai.
He said the groundwork for Dubai's development as a global player in the technology sector was laid 20 years ago, with the formation of a fledgling Dubai Internet City.
"In 1999, many people questioned our idea to establish Dubai Internet City in the desert," said Sheikh Mohammed.
"Two years ago, Amazon acquired the multi-billion dirham Souq and today, Uber acquired Careem for Dh11 billion. "These giant companies flourished from the "desert" of Dubai."
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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