Uber Completes Acquisition of Careem

Uber today confirmed the official close of the previously announced acquisition of Careem for $3.1 billion. Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-founder and CEO Mudassir Sheikha will continue to lead the Careem business, which will report to a board made up of three representatives from Uber and two representatives from Careem. Careem and Uber will operate their respective regional services and independent brands.

With the closing of the deal, Uber has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region, with significant markets including Egypt, Jordan, Saudi Arabia, and the United Arab Emirates. The regulatory approval process in Pakistan, Qatar, and Morocco is ongoing, and the transaction will not close in these territories until approvals from the legal authorities responsible are obtained.

Uber CEO Dara Khosrowshahi said: “I’m looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership. Working in parallel, our two platforms will be able to build upon the unique strengths of each, to the benefit of drivers, riders, and the cities we serve across the greater Middle East.”

Careem co-founder and CEO Mudassir Sheikha said: “Today marks the beginning of a new chapter for Careem. The journey that we started almost a decade ago to simplify the lives of people in the greater Middle East is far from over. Joining forces with Uber accelerates that journey as we become the region’s everyday super app. We are excited to take Careem to new heights alongside Uber, who appreciates the significant regional opportunity, is supportive of our values and culture, and believes in the purpose that drives us.”

Both companies believe this completed acquisition will provide an opportunity to expand the variety and reliability of services offered through their applications. Similarly, for drivers and captains, the companies believe an increase in trip growth and improved services could provide better economic opportunities as well as more predictable earnings through higher utilisation of drivers’ time on the road.

- Advertisement -
c5d094d2086cdf56ad5c1380e5317d2e?s=96&r=g - Uber Completes Acquisition of Careem
Adeel Younashttps://techwafer.com
Editor-in-Chief at TechWafer (previously The Tech) an Entrepreneur, Blogger, Developer, and Freelancer.

Recent Articles

5 Best Laptops for Hackintosh in 2020 Under 1500 USD

Are you looking for the best Hackintosh computer? Don't worry, as we have entirely resolved your problem. It is a complete buying guide prepared...

Huawei releases its 2019 Annual Report

Huawei announces solid business performance and commitment to creating greater value for customers and society

TECNO #CamonShow” Campaign Created Stir on TikTok

Globally acclaimed smartphone brand, TECNO, has collaborated with TitTok for its #CamonShow challenge. Its goal is to boost the profile of newly launched Camon...

Vivo Extends the Warranty of its Smartphones in Pakistan

In the wake of current COVID-19 outbreak, following the government directives Vivo, the global smartphone brand has closed all of its service centres in...

Best Laptops for Hacking and Hackers in 2020

This blog will guide white hat hackers in buying powerful laptops to pursue their hacking-related tasks. A hacker needs to perform variously on the...

Trending

93,742FansLike
1,195FollowersFollow
422FollowersFollow
4,962FollowersFollow
472SubscribersSubscribe

Leave A Reply

Please enter your comment!
Please enter your name here