Careem in IPO talks with banks

The sources did also say that the company may not follow through with the listing at all.

Dubai's ride-hailing service Careem is reportedly in early talks with banks to discuss the possible move to an initial public offering.

Bloomberg reported that people close to the matter, who chose to remain anonymous, said that Careem is preparing to hire financial advisors as the firm could be valued at roughly $1.5bn which a share sale by early 2019.

However, despite the potential move, the sources did also say that the company may not follow through with the listing at all.

In response to questions sent to Careem's chief executive officer Mudassir Sheikha, he said that whilst an IPO is a ‘natural milestone' the company is focusses on expanding to other markets.