Uber is purchasing the Middle East’s biggest ride-hailing app for $3.1 billion.
Careem, Uber’s Middle East rival which is based in Dubai, was founded in 2012 and now has 30 million users across 90 cities in the Middle East, North Africa and Pakistan, making it the regional market leader.
It will be purchased with not just cash but also securities that will convert into Uber shares when the company goes public.
Uber’s chief executive, says “[Careem has] a proven ability to develop innovative local solutions [and[ has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful start-ups in the region.”