Uber completes acquisition of Careem to expand ride sharing, fintech in Middle East
Uber announced late Thursday that it completed its $3.1 billion acquisition of Careem, a Dubai-based ride hailing, delivery and fintech company that operates across several Middle East nations.
Careem co-founder and CEO Mudassir Sheikha will continue to run the business as a subsidiary of Uber, and the company will retain its own brand name.
"Today marks the beginning of a new chapter for Careem," Sheikha said in a release from Uber. "The journey that we started almost a decade ago to simplify the lives of people in the greater Middle East is far from over. Joining forces with Uber accelerates that journey as we become the region's everyday super app."
Careem will report to a board that includes three representatives from Uber and two from Careem.
The firm operates in Egypt, Jordan, Saudi Arabia and the U.A.E., while regulatory approvals are pending in Pakistan, Qatar and Morocco.
Source: Mobile Payments Today