Thursday, 27 January 2022

Careem Is Being Bought By Uber For $3 Billion

DUBAI: If you didn’t see the news, you got the Careem notification. It read that our Dubai-based cab-hailing gem is ‘joining forces with Uber’. The tech industry’s latest collab that’s got everyone talking is Uber x Careem – a collab that happens to be a multi-billion dirham acquisition and the largest tech deal the region has ever seen.

In a move to dominate the Middle Eastern market, the US ride-booking giant acquired its biggest regional rival for $3.1billion (approx. 11 billion Dhs). Careem, which has over 30 million registered users, over one million drivers and operates in 90 cities across 15 countries, boasts a delivery service and payment platform that Uber will also acquire.

With a portion of the amount to be paid in cash and the rest to be paid in notes convertible into Uber shares, this marks the highest-valued tech deal to ever take place in the region. The first major tech deal that made headlines was Amazon’s takeover of e-commerce site Souq.com in 2017.

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