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.

UTC

Related Content

  • February 20, 2019
    MaaS Market London conference attracts global experts
    A plethora of global mobility experts is heading for ITS International’s 2019 MaaS Market Conference, reflecting the increasing pace of Mobility as a Service deployment. Colin Sowman reports Mobility as a Service (MaaS) cannot exist without the digitisation of transport services - and digitisation is without doubt the biggest challenge the transport sector has ever faced. It will create more changes over the next five to 10 years than the transport sector has seen in the past 100 - and there will be winn
    Read More
  • January 8, 2018
    Bosch to acquire 5% indirect ownership stake in Here Technologies
    Bosch is acquiring a 5% ownership stake from Here Technologies’ (Here) indirect shareholders Audi AG, BMW Group and Daimler AG to help boost its services business. The deal also assists Here in its goal of becoming a global provider of data-based real-time location services to clients within and outside of the automotive industry. It is expected to be concluded by the end of the first quarter of 2018. Both parties have agreed not to disclose the purchase price of the acquisition which is still subject to a
    Read More
  • November 25, 2019
    Dubai to offer Careem bike service
    Dubai’s Road and Transport Authority (RTA) has joined forces with Careem to operate 3,500 bicycles and 350 docking stations over the next five years.
    Read More
  • July 10, 2023
    Teledyne Flir brings Middle East into vision
    As urban sprawl creeps across the Middle East and Africa, congested roads aren’t far behind. Hesham Enan of Teledyne Flir explains to Adam Hill how traffic technology is helping authorities to cope
    Read More

Highlighted Content