Uber acquires Middle East ride-sharing rival Careem
Uber confirmed it has inked a deal to acquire Dubai-based ride-hailing service Careem for $3.1 billion.
Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, but due to regulatory approvals, the deal isn’t expected to close until 2020.
Careem operates in more than a dozen countries in the Middle East, South Asia and parts of Africa.
It boasts about 30 million users.
It was founded in 2012 and in 2018 was valued at more than $2 billion.
Careem will operate as a standalone business after the deal is finalized.
In a note to employees, Uber CEO Dara Khosrowshahi said: "We’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation."
The deal will not impact Uber’s planned public listing which is expected to go ahead in April.
That could value the San Francisco based company at around $120 billion.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Airlines suspend Madagascar services following unrest and army revolt
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airbnb eyes a loyalty program but details remain under wraps
Air Mauritius reduces frequencies to Europe and Asia for the holiday season