Dubai: Middle East ride-hailing app Careem is in early talks to raise as much as $500 million in new funds from investors, sources told Reuters. Careem, Uber’s rival in the region, is checking the appetite of potential investors and hopes to secure its targeted $500 million (Dh1.8 billion) in a new funding series, three sources said, speaking on condition of anonymity as the matter is not public. Careem declined to comment when contacted by Reuters on Wednesday.

Some of the funds could go towards new business lines for the company, said one source.