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Uber’s acquisition of Careem to be completed in eight months

Uber’s acquisition of the Dubai tech unicorn Careem will be completed within seven to eight months, according to the ride-hailing firms’ CEOs.

Uber, Careem
Photo credit: WAM

The landmark merger deal was discusses during a meeting between Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai with Dara Khosrowshahi, CEO of Uber and Mudassir Sheikha, CEO of Careem.

Khosrowshahi and Sheikha explained the purchasing process and how the $3 billion merger will affect their employees, offices and cars, especially those of Careem, which was founded in Dubai and has become a reputable international company, WAM reported.

During the meeting, they also praised the safe investment environment that Dubai provides to major international companies as a regional centre. They also pointed out that Careem’s employees and its 17,000 limousines in Dubai, the UAE and around the region will become part of Uber after the merger, which will be completed within seven to eight months.Mudassir Sheikha

Sheikh Maktoum praised the merger and wished Uber success and advancement in its investment and expansion operations while affirming that the UAE, especially Dubai, is keen to provide the appropriate environment supported by laws that protect foreign investments, so they can grow, expand and provide opportunities for the youth of all nationalities, as well as a dignified living for the youth and their families in the UAE.

Last month, Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.

Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the UAE.

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