Uber completes acquisition of Careem

Published January 3, 2020
The regulatory approval process in Pakistan is ongoing after which the transaction will close in the country. — Photo courtesy Careem
The regulatory approval process in Pakistan is ongoing after which the transaction will close in the country. — Photo courtesy Careem

Uber on Friday confirmed the official close of the acquisition of Careem for $3.1 billion.

According to a press release from Uber, "Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand".

The statement said that Careem co-founder and CEO Mudassir Sheikha "will continue to lead the Careem business, which will report to a board made up of three representatives from Uber and two representatives from Careem".

Careem and Uber will continue to operate their respective regional services and independent brands.

Read | Uber Eats Careem: Apprehensions trump hopes as ride hailing services announce merger

With the finalisation of the deal, Uber has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region, with major markets including Egypt, Jordan, Saudi Arabia, and the United Arab Emirates.

"The regulatory approval process in Pakistan, Qatar, and Morocco is ongoing and the transaction will not close in these territories until approvals from the legal authorities responsible are obtained," said the statement.

Uber CEO Dara Khosrowshahi said: “I’m looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership. Working in parallel, our two platforms will be able to build upon the unique strengths of each, to the benefit of drivers, riders, and the cities we serve across the greater Middle East.”

Sheikha expressed his contentment on the occasion.

"Today marks the beginning of a new chapter for Careem. The journey that we started almost a decade ago to simplify the lives of people in the greater Middle East is far from over. Joining forces with Uber accelerates that journey as we become the region's everyday super app.

"We are excited to take Careem to new heights alongside Uber, who appreciates the significant regional opportunity, is supportive of our values and culture, and believes in the purpose that drives us," said the Careem co-founder.

Both companies believe that the acquisition will lend them the opportunity to "expand the variety and reliability of services offered through their applications", said Uber in its statement.

Drivers and captains will see better economic opportunities with an increase in trip growth and improved services. They will be able to benefit from "more predictable earnings" through greater utilisation of their time on the road, added the statement.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Pathways to peace
Updated 27 Apr, 2026

Pathways to peace

NEGOTIATIONS to hammer out the 2015 Iran nuclear agreement took nearly two years before a breakthrough was achieved....
Food-insecure nation
27 Apr, 2026

Food-insecure nation

A NEW UN-backed report has listed Pakistan among 10 countries where acute food insecurity is most concentrated. This...
Migration toll
27 Apr, 2026

Migration toll

THE world should not be deceived by a global migration count lower than the highest annual statistics on record —...
Immunity gap
Updated 26 Apr, 2026

Immunity gap

Pakistan’s Big Catch-Up campaign showed progress but also exposed the scale of gaps in routine immunisation.
Danger on repeat
26 Apr, 2026

Danger on repeat

DISASTERS have typically been framed as acts of nature. Of late, they look increasingly like tests of preparedness...
Loose lips
26 Apr, 2026

Loose lips

PAKISTANIS have by now gained something of an international reputation for their gallows humour, but it seems that...