Ride-hailing company Careem says profitability in sight

Reasonable approach: Sao Paolo may opt to regulate Uber instead of banning it outright.

DUBAI: Ride-hailing service Careem is targeting profitability next year or in 2018 and is in talks with potential investors about its latest fundraising plans, co-founder Mudassir Sheikha told Reuters on Sept 27.

The company, which has a larger market share than rival Uber in most of the 32 cities in the Middle East, North Africa and Pakistan region in which it operates, aims to expand in new markets including Oman and a number of North African countries, managing director Mudassir Sheikha said.