Uber to buy Middle East ride-hailing rival Careem for $3.1bn

By Laura Mullan
Global ride-hailing company Uber has acquired Careem, one of its most prominent challengers in the Middle East. The $3.1bn deal will be one of the larg...

Global ride-hailing company Uber has acquired Careem, one of its most prominent challengers in the Middle East.

The $3.1bn deal will be one of the largest-ever technology transactions in the Middle East, according to the firm. 

After the deal, Careem will become a wholly-owned subsidiary of Uber, operating as an independent company led by its original founders.

SEE ALSO:

Dubai-based Careem is one of the most successful startups in the Middle East, with markets including Egypt, Jordan, Pakistan, Saudi Arabia and the United Arab Emirates.

Uber CEO, Dara Khosrowshahm, highlighted how the acquisition will provide opportunities for both companies to take advantage of the region’s underpenetrated mobile opportunity and growing digital economy.

“This is an important moment for Uber as we continue to expand the strength of our platform around the world,” he said.

“With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region.

“Working closely with Careem’s founders, I’m confident we will deliver exceptional outcomes for riders, drivers, and cities, in this fast-moving part of the world.”

Careem CEO and co-founder, Mudassir Sheikha, said that the firm “could not have found a better partner than Uber under Dara’s leadership.”

He added: “This is a milestone moment for us and the region, and will serve as a catalyst for the region’s technology ecosystem by increasing the availability of resources for budding entrepreneurs from local and global investors.”

Share

Featured Articles

New Crowdstrike president to drive cyber leader’s growth

CrowdStike has announced former CTO Michael Sentonas as its new President, aligning product and go-to-market functions to drive its next chapter of growth

New study reveals the smartest cities in Europe

New research released by ProptechOS has revealed that London is leading the top 10 smart cities in Europe, followed by Amsterdam (2nd) and Berlin (3rd)

KPMG UK announces major alliance expansion with Google Cloud

The investment underpins the ongoing alliance to help UK clients digitally transform their business through Google Cloud’s leading technology

Kyndryl driving Stellantis’ IT infrastructure transformation

Digital Transformation

The cutting edge: Edge computing trends to watch in 2023

Cloud & Cybersecurity

Shadow APIs pose serious threat to fintechs, report finds

Cloud & Cybersecurity