The UAE-born ride-hailing app Careem will be acquired for $3.1 billion by Uber. Once completed early next year, the company will become a wholly owned subsidiary of Uber, but will operate its regional services and brand independently.
This will be the largest technology transaction in the Middle East ever. According to Mudassir Sheikha, Careem chief executive/co-founder, joining forces with Uber would help accelerate its mission of simplifying and improving the lives of people and building an inspirational organisation.
Together the companies plan to expand and capitalise on the region’s mobility opportunity and growing digital economy.