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

  • Global ADAS revenues to reach $460 Billion by 2020
    August 23, 2012
    ABI Research is predicting that global advanced driver assistance systems (ADAS) revenues will surge from $22.7 billion in 2012 to $460.8 billion in 2017, with Asia-Pacific remaining the leading ADAS market throughout the forecast period. “Both commercial and regulatory drivers are expected to boost the ADAS market in the coming years,” says VP and practice director Dominique Bonte. “On the one hand, OEMs such as Ford have started rolling out ADAS features on medium to low-end cars in order to bolster their
    Read More
  • DG MOVE’s Christos Economou on the EU’s vision for road transport
    July 26, 2013
    Christos Economou, Deputy Head of Unit dealing with land transport within the European Commission’s DG MOVE, describes a new framework for road charging in Europe to Jason Barnes. Within the European Union (EU), two Directives shape the legislative framework on road charging. Directive 1999/62/EC sets up a number of rules to make sure that national road charging schemes do not distort competition on the internal market or discriminate between hauliers. It is misleadingly called ‘Eurovignette’ after the comm
    Read More
  • A more equitable approach to road charging: is the technology there yet?
    September 8, 2023
    Thinking around road user charging, distance-based payments, and even mileage rationing is ever-widening with new concepts and suggestions being aired and brought forward every other week. Yet, as Jorgen Petersen of Systra explains, there are already many solutions in place throughout the world which promote modal shift, reduce traffic and improve air quality…
    Read More
  • Cubic wins $35m multimodal Sydney deal
    August 28, 2018
    Cubic Transportation Systems (CTS) has won a five-year deal to provide multimodal transport management solutions in Sydney, Australia. The $35m intelligent congestion management programme contract with Transport for New South Wales (NSW) will “enhance monitoring and management of the road network across NSW”, co-ordinating public transport and providing real-time information about disruptions. Cubic – along with WSP, PTV, Mentz and Microsoft – will provide a technology platform which integrates the
    Read More

Highlighted Content