This is set as the largest transaction in the region and in the tech industry. Uber has agreed to purchase Careem for 3.1 Billion dollars.
A milestone moment especially for startups in the Middle East as it positions Dubai as a hub for businesses who want to achieve exponential growth and attract more foreign investments.
Also Read: Emaar Fully Acquires Namshi
Uber and Careem to Complete Merger by 2020
Careem will still work independently and both companies will still operate under separate brands. This means that Careem will retain its name, brand, and identity.This transaction is set to be completed during the 1st quarter of 2020.
Here’s a tweet from the official Twitter account of Careem:
Today, we start Chapter 2 of our story. Careem is joining forces with Uber to better serve the region
We will operate independently, so the app, services and brand you love will continue to be available as usual.
For more details, visit https://t.co/1eGk5u6d1w pic.twitter.com/xn53Q9iyLI
— Careem (@careem) March 26, 2019
Dubai has definitely been a host to homegrown companies across multiple sectors and have leveraged the emirate’s exceptional entrepreneurial set-up to rapidly grow and pique interest from various foreign investments.
Amazon purchasing Souq.com is another testament to how viable the UAE is in terms of businesses wanting to create something big in the region.
Congratulations to the founders and the team behind Careem!