Uber to buy Mideast ride-sharing service Careem for $3.1 billion
Ride-hailing service Uber announced on Tuesday it has acquired its Mideast competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region.
The Dubai-based Careem is among the Middle East’s most successful startups. Careem quickly became popular across the Middle East, particularly in countries like Egypt and Pakistan, in part because it introduced the option for riders to pay by cash rather than just credit card. It also launched in the region in 2012, three years before Uber.
“With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region,” Khosrowshahi said.
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