Uber acquires Careem for $3.1 billion to dominate ride-hailing in the Middle East

Uber has acquired Careem, a major player in the ride-hailing space across the Middle East, for $3.1 billion in cash and convertible notes. The latter will continue to operate as an independent company. The news comes after weeks of rumors about the deal. It’ll see Uber gain a stake in 14 countries where Careem operates with more than 30 million users and 1 million drivers. That includes Saudi Arabia, the United Arab Emirates, Iraq, Qatar, Bahrain, Lebanon, Pakistan, Kuwait, Egypt, Morocco, Jordan, Sudan, Palestine, and Turkey. Uber has chosen not to rebrand Careem at this time. The new owner’s CEO,…

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