Uber NYSE declares the official closing of acquiring Careem, in the past, amounting to 3.1 billion dollars. Careem FZ-LLC is now Uber’s fully owned subsidiary, keeping the brand safe.
Mudassir Sheikha, the CEO, and Co-founder of Careem will maintain managing the business of Careem. It will be reported to a board, based on three representatives belonging to Uber and two from Careem. Respective Regional services and Independent brands of each, Uber and Careem, are decided to continue in terms of operations.
Uber acquired delivery, mobility and payments based businesses spread across the whole of the Middle East mainly including; UAE, Jordan, Saudi Arabia, and Egypt while closing the deal. In Qatar, Morocco, and Pakistan, the regulatory acceptance procedure is still under process. For these territories, the transactions and ongoing system won’t be shut down until directions appear from the responsible legal authorities.
Dara Khosrowshashi, the CEO of Uber stated that he wishes more innovation from Careem’s side being operating independently. Both of their parallel working platforms can develop further with the help of each other’s uniqueness, in the end, benefiting drivers and focused cities throughout the Middle East.
Mudassir also stated on the matter that, the business developed a decade ago to ease the lives of the people from the Middle East and now its new journey is about to initiate due to Uber. Due to Uber’s support, their app is daily high on demand. They excited to work with Uber as it supports their values and cultures and also has trust in their goals.
The platforms believe that the combination of their acquisition will serve in terms of expanding reliability and variety of their services via their applications. Correspondingly, their further development and growth will be beneficial for the captains and the drivers in terms of providing more economic opportunities as well as high earnings on the basis of the huge amount of driver’s time utilization on the road.