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Uber acquires the Middle Eastern internet platform

Jan 03, 2020

Uber expands its influence across the Middle East region, with major markets including Egypt, Jordan, Saudi Arabia, and the UAE

Uber and Careem

Uber acquires the Middle Eastern internet platform. Source: shutterstock.com

Uber announced the acquisition of Careem for $3.1 billion. The company has become a wholly-owned subsidiary of Uber, preserving its brand. Careem and Uber will operate their respective regional services and independent brands.

Today marks the beginning of a new chapter for Careem. 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. We are excited to take Careem to new heights alongside Uber, who appreciates the significant regional opportunity, is supportive of our values and culture, and believes in the purpose that drives us
Mudassir Sheikha, Careem co-founder and CEO 

The acquisition is expected to provide an opportunity to expand the variety and reliability of services offered through the applications.

The companies believe an increase in trip growth and improved services could provide better economic opportunities along with more predictable earnings through greater utilization of drivers’ time on the road.

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