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

  • October 17, 2018
    Automatic acquires PayTollo platform for tolls and bridges
    US-based connected vehicle services company Automatic has acquired toll payment platform provider PayTollo. PayTollo’s GPS toll recognition technology algorithm and user interface allows a driver to be notified, verified and charged for toll crossings. The mobile app is expected to assist toll authorities in transitioning to all-electronic tolling by reducing costs and the time needed to collect funds. It will also enable real-time verification. Abenezer Yohalashet, the former CEO of PayTollo and now
    Read More
  • October 25, 2017
    CBI/AECOM Survey: Three quarters of firms and public doubt improvement over this Parliament
    74% of firms doubt infrastructure will improve over this Parliament and 76% the public doubt any improvement will occur, according to the CBI/AECOM Infrastructure survey 2017. The findings show that both business and the public are concerned about the pace of delivery and a record number of firms are dissatisfied with the state of infrastructure in the region. The report showed that 96% of the 727 businesses surveyed see infrastructure as important to the government’s agenda and 55% view it as critical.
    Read More
  • November 19, 2020
    First takes first step into MaaS
    Transit group's Jaunt app is partnership with Moovit
    Read More
  • April 30, 2015
    New solutions to old problems set to cut emergency response times
    David Crawford looks at the latest developments in emergency response. Ensuring speedier reactions to transport and travel crises is becoming increasingly important. US statistics suggest that as many as 1,000 ‘saveable’ lives can be lost each year in major cities because of operational defects in their SOS operations.
    Read More

Highlighted Content