- Careem will continue to operate under its own brand while remaining under the leadership of its founders
- Careem and Uber to further develop the mobility platform in Morocco and the region and support the growth of the digital economy
- Transaction is the largest ever in the technology industry in Africa and the Middle East
Careem and Uber have reached an agreement under which Uber will acquire Careem for $ 3.1 billion. With this agreement, Uber will take over all of Careem’s services in Morocco, the Middle East and Pakistan.
Following completion of the transaction, which is expected to be completed in the first quarter of 2020, Careem will become a wholly owned subsidiary of Uber and will continue to operate under its brand. Careem CEO and co-founder Mudassir Sheikha will retain the leadership of Careem, whose board of directors will be comprised of two Careem representatives and three Uber representatives.
Also, Careem and Uber will operate their respective regional services and their brands independently. In Morocco, Careem will continue to offer its services and grow.
“Our association with Uber will help us accelerate our goal of simplifying and improving the lives of people in Morocco and the region. The mobility and the wider possibilities offered by the Internet, which are massive, are still insufficiently exploited and will thus see unprecedented progress in these markets. Uber is therefore an ideal partner to realize these opportunities. We will serve as a catalyst for the technological ecosystem by increasing the availability of resources for young entrepreneurs and local and global investors, “said Mudassir Sheikha.
“This is an important moment for Uber as we continue to build the power of our platform around the world. With a proven ability to develop innovative local solutions, Careem plays a key role in the future of urban mobility in Morocco and elsewhere, making it one of the most successful start-ups in the region. Working closely with its founders, I am confident that we will achieve exceptional results for our passengers, our drivers and the cities in which we operate, “said Dara Khosrowshahi, Uber CEO.