Uber is planning to buy a rival Middle Eastern ride-sharing company; Purdue Pharma is settling a suit from Oklahoma for fueling opioid crisis; and other MoneyWatch headlines.
Uber & Careem for services of intelligent transportation reached an agreement that UAE company Careem will be acquired by Uber for $ 3.1 billion consists of $ 4 billion in cash, $ 1.7 billion of convertible bonds.
The completion of Careem is expected to be during first quarter of 2020 subject to regulatory approvals.
OBER takes payment activities, delivery & mobility of Careem over throughout region of Middle East that stretches from Pakistan to Morocco including major markets like; UAE. Egypt, KSA, Jordan & Pakistan.
Ober will own Karim once the deal is completed retaining its trade name.
Today, we start Chapter 2 of our story. Careem is joining forces with Uber to better serve the region We will operate independently, so the app, services and brand you love will continue to be available as usual. For more details, visit https://t.co/1eGk5u6d1w
Ober Technologies‘ official source revealed plan of the company to increase number of drivers which 200 thousand drivers aiming to be increased to 250 thousand by end of 2019.
Work of Careem will be led by its chief executive, Madthar Sheikha under supervision of BOD consists of three members;
- Ober representatives
- Two Careem members
Both companies operate their trade names & regional services independently.
“This is an important moment for us in Ober, as we continue to expand our platform worldwide,” said Ober’s Chief Executive Officer – Dara Khososhahi,
Excited we’ve agreed to acquire @Careem, one of the Middle East’s greatest success stories-a testament to Dubai’s role as a global hub of innovation and entrepreneurship. We look forward to continuing our journey in the region in the years ahead! https://t.co/FX3BgIAUMw
“Careem has demonstrated its ability to develop innovative & local solutions who plays a key role in shaping future of urban urban mobility in Middle East, where it has become one of the most successful companies in region. I am confident that, working closely with founders of Kareem will achieve exceptional results in interest of passengers, drivers & cities in this fast-paced part of world”
Careem’s Executive Chairman said;
“unifying efforts with UBER help us to achieve faster goal set by Careem for improving, simplifying & facilitating people’s lives, as well as building a large & distinguished organization which inspires People”
HH Sheikh Mohammed summarized the role of Dubai in prosperity of Uber & Amazon;
In 1999, many people questioned our idea to establish Dubai Internet City in the desert. Two years ago, Amazon acquired the multi-billion dirham https://t.co/8r1e7dmLtG and today, Uber acquired Careem for Dh11 billion. These giant companies flourished from the “desert” of Dubai.