Uber’s Chief Executive Officer (CEO) Dara Khosrowshahi termed “Pakistan as one of the fastest growing markets for Uber.”
The chief of the ride-hailing app said, “Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.”
In a major development on Tuesday, Uber and Careem jointly announced: “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 United Arab Emirates.”
Under the deal, Careem will become a wholly owned subsidiary of Uber but will continue operating independently.
“Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Careem for $3.1 billion,” a joint statement said.
Uber will pay $1.4 billion in cash and the remaining $1.7 billion in convertible notes to acquire its Middle East rival, the statement added.
“This is an important moment for Uber as we continue to expand the strength of our platform around the world,” Uber chief executive Dara Khosrowshahi said.
Careem chief executive and co-founder Mudassir Sheikha also welcomed the acquisition, saying it will be good for customers.
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