News

Agreement Confirmed: Uber to Acquire Careem

Agreement Confirmed: Uber to Acquire Careem

Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.

Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates. Upon closing, Careem will become a wholly-owned subsidiary of Uber, preserving its brand.

Careem co-founder and CEO Mudassir Sheikha will lead the Careem business, which will report to its own 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.

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

“Joining forces with Uber will help us accelerate Careem’s purpose of simplifying and improving the lives of people, and building an awesome organisation that inspires. The mobility and broader internet opportunity in the region is massive and untapped, and has the potential to leapfrog our region into the digital future. We could not have found a better partner than Uber under Dara’s leadership to realise this opportunity. 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,” said Careem CEO and co-founder, Mudassir Sheikha.

Egyptian Secondary School Students Fail to Test After New Educational Tablets Malfunction During Examination
Egypt Calls For Boycott of BBC After Anti-Sisi Report

Subscribe to our newsletter


News

More in News

Obligatory Anti-Divorce Courses to Begin in Egyptian Universities

Egyptian StreetsJuly 18, 2019

Plastic Bags to Be Banned in Egypt’s Marsa Alam

Egyptian StreetsJuly 16, 2019

Egyptian Authorities Free Trans Woman and LGBT+ Activist After 4 Months in Prison

Egyptian StreetsJuly 16, 2019

Egypt’s National Council for Women Visit Women’s Prisons to Ensure Quality of Care

Egyptian StreetsJuly 15, 2019

Cairo to Begin Planting Gardens on Rooftops

Egyptian StreetsJuly 15, 2019

Egypt Launched ‘Decent Life’ Initiative to Assist People Living in Underprivileged Villages

Egyptian StreetsJuly 14, 2019

Surveillance Cameras Installed After Animal Abuse at Cairo’s Birqash Camel Market

Egyptian StreetsJuly 11, 2019

Pro-Mubarak Facebook Page Admin Arrested for ‘Spreading Fake News’

Egyptian StreetsJuly 11, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.