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Uber acquires Careem for $3.1 billion to dominate ride-hailing in the Middle East

The Next Web Tuesday, 26 March 2019 ()
Uber acquires Careem for $3.1 billion to dominate ride-hailing in the Middle EastUber has acquired Careem, a major player in the ride-hailing space across the Middle East, for $3.1 billion in cash and convertible notes. The latter will continue to operate as an independent company. The news comes after weeks of rumors about the deal. It’ll see Uber gain a stake in 14 countries where Careem operates with more than 30 million users and 1 million drivers. That includes Saudi Arabia, the United Arab Emirates, Iraq, Qatar, Bahrain, Lebanon, Pakistan, Kuwait, Egypt, Morocco, Jordan, Sudan, Palestine, and Turkey. Uber has chosen not to rebrand Careem at this time. The new owner’s CEO,…

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News video: Uber Buys Rival For Over $3 Billion

Uber Buys Rival For Over $3 Billion 00:36

SAN FRANCISCO (Reuters) - Global ride-hailing firm Uber Technologies Inc will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering. The Uber Hub is seen in Redondo Beach, California, U.S., March 25, 2019....

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