Top Banner

Latest News Slider

Can Electric Ferries Ease Mumbai Commuters’ Woes?

UAE Airports: Models of Digital Efficiency

 Abu Dhabi Selected to Pioneer AI Cognitive City

LG CNS to Deploy Smart Poles in Hogansville, Georgia

Futuristic AI-Powered City-State Attracts USD 525 Million Investment and 14,000 Registrants

Dubai Announces Global Partnerships to Launch Autonomous Taxis by 2026

Shenzhen Approves Paid Driverless Robotaxi in Nanshan

Volvo Launches Electric Buses in Mexico

From Smart Cities to Smart Communities: Insights from ITU’s Dr. Cosmas Zavazava

Connecticut to Deploy Lamppost EV Charging Solutions

MMP SCWF 728x90

Americas - Smart Cities - View All

APAC - Smart Cities - View All

Europe - Smart Cities - View All

MENA - Smart Cities - View All

Uber buys Careem for $3.1 billion

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

 On Tuesday, the two companies announced their merge in a joint statement which read “Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Career for $3.1 billion.”

Careem is to become a subsidiary of Uber, owned by Uber, but will continue to function separately. Careem intends to retain its services, branding and app.

The deal states that Uber will pay $1.4 billion in cash and the remaining $1.7 billion in convertible notes.

The statement read: “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.”

Uber Chief Executive Dara Khosrowshahi stated that it is an “important moment” for Uber as it continues to strengthen its business on a global scale.

“Joining forces with Uber will help us accelerate Careem’s purpose of simplifying and improving the lives of people, and building an awesome organization that inspires,” said Careem Chief Executive and Co-Founder Mudassir Sheikha.

The deal is subject to approval from regulatory bodies and it is expected to become approved at the beginning of 2020.