Ride sharing behemoth Uber confidentially filed paperwork with the Securities and Exchange Commission to go public in a race with its smaller rival Lyft.
The San Francisco-based company may list as soon as the first quarter of next year, valuing it as high as $120 billion, eclipsing the initial public offering of Alibaba, the Wall Street Journal reported. Rival Lyft, which is valued at about $15bn, filed for a listing on Thursday. Its IPO is expected in the first half of next year. Morgan Stanley and Goldman Sachs are likely to get the lead underwriting roles, according to Reuters.
Uber chief executive Dara Khosrowshahi has previously said he expects the company to go public in 2019. Investors in Uber include Japan's Toyota, Saudi Arabia's Public Investment Fund, Jeff Bezos, the founder and CEO of Amazon, Fidelity Investments, Softbank, Tencent, Alphabet, Microsoft, BlackRock, and China's DiDi Chuxing.
The company's board of directors includes PIF's Yasir Al Rumayyan, Benchmark Capital general partner Matt Cohler, Huffington Post co-founder Arianna Huffington and Nestle executive chairman Wan Ling Martello.
Last month, Uber said it lost $1.07bn in the third quarter, as the company diversified its business to include bicycles, scooters and its pace of growth slowed. The company’s revenue grew 38 per cent to $2.95bn in the third quarter down from 51 per cent in the previous three months.
The company employs more than 16,000 people, operates in 65 countries carrying out 15 million trips daily.
Uber is said to have been exploring the prospects of a tie-up with Dubai rival Careem, leaning towards an acquisition rather than a merger of the company, to widen its presence in the Middle East. Sources told The National in September the US company was looking at an acquisition of Careem in a deal that might be worth $1.5 billion to $2bn.
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Read more:
Uber prefers acquisition of Careem to merger
Careem said to test bus-booking service
Careem said to raise $150m to start food delivery business in the Middle East
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Uber’s decision not to merge with Careem is based on its assessment that the company’s presence in the Middle East is large enough and does not warrant an exit – as the company did when it left other markets because of intense competition and high operational costs.
Mr Khosrowshahi has also said the company would not retreat from additional markets apart from Russia, China and South East Asia.
“We are going to be, I believe, the winning player in those markets [India, the Middle East and Africa] and we’re going to control our own destiny,” Mr Khosrowshahi said in May.
Uber exited other countries because it had a smaller market share and was burning a lot of cash.
The company spent nearly $11bn by the start of this year and consolidation meant spending less and eventually being in a position to control prices. In March, Uber and Grab reached a deal, with the South East Asian company acquiring all of its operations in exchange for the US company receiving a 27.5 per cent stake in Grab.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
More from Neighbourhood Watch:
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
