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

Related Content

  • Whim launch in Birmingham: new day dawning
    June 4, 2018
    MaaS Global’s Whim mobility service is expanding with its first launch outside Finland – and has chosen the UK’s second city as its base. Adam Hill reports from Birmingham
    Read More
  • Mobility, autonomous vehicles, connected cars and big data analytics ‘present growth opportunities in 2017’
    June 8, 2017
    New research by Frost & Sullivan indicates that e-mobility solutions, autonomous vehicle technology, and other digitisation advances are creating new and exciting opportunities in the automotive industry.
    Read More
  • Asfinag makes case for ITS-G5 over 5G
    March 15, 2019
    Asfinag’s Manfred Harrer and Peter Meckel talk to Jason Barnes about the organisation’s first steps towards C-ITS deployments - and why ITS-G5 will be the underpinning standard For quite a number of years, it was assumed that the connectivity required for cooperative ITS (C-ITS) applications and autonomous vehicle (AV) operations would be catered for by a bespoke communications solution/protocol. This would provide localised ad hoc communication in a manner similar to Wi-Fi, and the dedicated bandwidth/n
    Read More
  • Q-Free acquires Open Roads Consulting
    July 17, 2014
    Q-Free has signed a Share Purchase Agreement (SPA) for the acquisition of Open Roads Consulting for a cash consideration of approximately US$6.2 million. Further consideration is dependent on future financial performance. The transaction is expected to be closed within the end of the third quarter 2014. The acquisition represents a milestone for Q-Free and is a strategically good match with other advanced traffic management systems (ATMS) and road user charging (RUC) activities within the group. It will
    Read More

Highlighted Content