Careem was acquired in a deal worth $3.1 billion

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null Careem was acquired in a deal worth $3.1 billion

Incubator of Talent

Success Stories of Entrepreneurs in the UAE

Careem-Uber Acquisition Deal

The pact is the largest technology sector transaction in the Middle East

Industry: Vehicles for hire, technology

Company: Emirati Youth

Site: Dubai, UAE

Deal Value: $3.1 billion

Award and recognition:

Careem Bike - ‘Sustainability Company of the Year’, 2020 Gulf Business Awards

Uber's acquisition of Careem for $3.1 billion, which was completed in 2020, is the largest technology sector transaction in the Middle East. Careem remains independent and is one of the most valuable emerging technology companies in the Middle East. It has about 1 million drivers in more than 100 cities in 13 countries, according to its website.

“This is a milestone moment for us and the region, and will serve as a catalyst for the region’s technology ecosystem by increasing the availability of resources for budding entrepreneurs from local and global investors,” said Careem co-founder and CEO, Mudassir Sheikha, during the deal.

Tapping into the tech sector, Careem now serves as the region’s everyday super app. It provides a slew of services that people need to move around, to order things, and to transfer money, in a single unified smartphone app.