Uber to buy Dubai rival Careem for $3.1 billion

Uber is to acquire Dubai-based rival Careem for $3.1 billion in a move that will expand its presence in the Middle East, Africa and Asia. The deal would allow Uber to acquire Careem’s mobility, delivery and payments in countries from Morocco to Pakistan. Dara Khosrowshahi, Uber CEO, says: “This is an important moment for Uber as we continue to expand the strength of our platform around the world.” Uber says the transaction will speed up the delivery of digital services to people in the region through t
March 27, 2019 Read time: 2 mins

8336 Uber is to acquire Dubai-based rival Careem for $3.1 billion in a move that will expand its presence in the Middle East, Africa and Asia.

The deal would allow Uber to acquire Careem’s mobility, delivery and payments in countries from Morocco to Pakistan.

Dara Khosrowshahi, Uber CEO, says: “This is an important moment for Uber as we continue to expand the strength of our platform around the world.”

Uber says the transaction will speed up the delivery of digital services to people in the region through the development of an app that offers services such as Careem Pay, a digital payment platform, and a last-mile delivery service called Careem Now.

Once the transaction is closed, Careem will become a wholly-owned subsidiary of Uber but will maintain its own brand and be led by its co-founder and CEO Mudassir Sheikha.

The deal, subject to the usual regulatory approvals, is expected to close during the first quarter of 2020.

Urban Traffic Control

For more information on companies in this article

Related Content

  • Robin Chase interview: Heaven and hell
    June 13, 2018
    A shared vision - or even much of a conversation at all - about what a better mobility balance looks like has been lacking…until now. Andrew Stone speaks to Zipcar founder Robin Chase about fairness – and the importance of not demonising cars
    Read More
  • Goggo & Oxbotica drive AV logistics in Spain
    March 23, 2023
    Full autonomy is eventual plan as Goggo Network works with retailers such as Carrefour
    Read More
  • Q-Free increases its stake in Intelight
    March 20, 2015
    Q-Free has increased its stake in US traffic controller supplier, Intelight, with a five year option program which will give shareholders the option to sell shares at closing in 2015 and in five subsequent years valid from 2016. The deal will give Q-Free the opportunity to add some 15 per cent of Intelight shares to its current 10.2 per cent shareholding each year. At end of the five year period, Q-Free has the option to acquire the rest of the shares. The first transaction will be closed during the second
    Read More
  • Sensys continues Middle East success
    June 9, 2015
    Sensys Traffic is building on its success in the Middle East, with orders for traffic safety systems from Ras Al Khaimah and Dubai Police in the United Arab Emirates. The order from Ras Al Khaimah is worth US$1.2 million, while the Dubai order is valued at US$846,000. Sensys has been supplying Dubai Police since 2001 and says the order from Ras Al Khaimah is also strategically important, partly because it is a new customer, but chiefly because Ras Al Khaimah has for some time been working with another su
    Read More

Highlighted Content