Uber buys out Middle East competitor Careem for $3.1 billion, the largest-ever technology purchase in the region
Ride-hailing service Uber announced on Tuesday it has acquired its Middle East competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region.
Under the deal, Careem will keep its brand as a wholly-owned subsidiary of Uber, operating as an independent company led by its original founders. "With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region," Khosrowshahi said.
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