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Uber acquires ride-hailing competitor, Careem for $3.1 billion

March 29, 2019
in Business, International
1 min read
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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.

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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.

 

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