Uber to Acquire Careem for $3.1 billion

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 buys careem

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:

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!