Ride-sharing firm, Uber has bought Dubai-based rival, Careem for $3.1bn
Uber Chief Executive, Dara Khosrowshahi says Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful start-ups in the region.
The firm will continue to operate under its own brand as a subsidiary of Uber.
Careem was established in 2012, and operates in 15 countries across the Middle East, Africa and Asia.
The deal is expected to close in the first quarter of 2020, the companies said, meaning it will not be reflected in Uber’s first couple of quarterly earnings releases as a public company, although it will likely be disclosed in a public IPO filing.