Uber’s Chief Executive Officer (CEO) Dara Khosrowshahi has termed Pakistan as one of the ride-hailing apps fastest growing markets.
“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,” Khosrowshahi said in an email to staff following the acquisition of Careem.
Global ride-hailing service Uber will acquire its Middle East rival Careem for $3.1 billion, the two companies announced on Tuesday.
“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.
Under the deal, Careem will become a wholly owned subsidiary of Uber but will continue operating independently. Careem will retain its branding, services and separate app.
Uber will pay $1.4 billion in cash and the remaining $1.7 billion in convertible notes, the statement said.
“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,” the statement said.
“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 welcomed the acquisition, saying it will be good for customers.
“Joining forces with Uber will help us accelerate Careem´s purpose of simplifying and improving the lives of people, and building an awesome organisation that inspires,” Sheikha said.