Uber is buying Middle Eastern ride-sharing rival Careem for $3.1 billion
Tuesday, 26 March 2019 Uber has announced that it’s buying Careem, a rival ride-sharing service that operates across 98 cities in the Middle East, Africa, and southern Asia, for $3.1 billion. The New York Times notes that Careem will continue to operate as a separate brand, with a board of directors consisting of a mix of Uber and Careem representatives.
Careem is an important acquisition for Uber, which recently retreated from various overseas markets in China, Russia, and Southeast Asia. With an established business that spans 14 countries, Careem will give Uber a foothold in countries where it lacks a significant presence, as well as introducing it to markets like Iraq and Morocco, where it does not currently operate.
According to a report by Reuters, on Saturday, the White House outlined a 50 billion-dollar Middle East economic plan that would create a global investment fund to boost the Palestinian and neighboring..