Uber is buying its Middle East rival Careem for $3.1 billion
26 March 2019 5:12 AM GMT
Uber is buying the biggest ride-hailing app in the Middle East.
- Uber is buying the biggest ride-hailing app in the Middle East.
- In the biggest tech deal the region has ever seen, Uber is paying $3.1 billion for Careem with a mixture of cash and securities that will convert into Uber shares when the company goes public.
- Careem, based in Dubai, was founded in 2012 and has since become the regional market leader with 30 million users across 90 cities in the Middle East, North Africa and Pakistan.
- Careem will operate under its own brand as a subsidiary of Uber and continue to be led by CEO Mudassir Sheikha, the companies said in a statement Tuesday.
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