Uber Will Buy Dubai-Based Careem

Uber has now a deal that will see them buy out Dubai-based Careem Networks, a rival ride-sharing service.

The deal was closed for $3 billion, and Uber will now run Careem, which was valued at $2 billion last October.

Uber is working hard to stay ahead of competition in the ride sharing-industry. Lyft just recently beat Uber to become the first ride-hailing app to launch an IPO. Uber, for its part, is preparing to launch an IPO of their own, which may value them at as much as $120 billion. Now it’s just a race to see who will make it the farthest, the fastest. Uber did not immediately respond to Reuters’ request for a comment on the matter, and Careem has done the same.

Careem is an older ride-sharing service. Founded in 2012, Careem has served customers in 98 cities across the Middle-East, North Africa, Pakistan, and Turkey. Uber only operates in 23 cities in these locations, a fact which will soon be turned upside down. Many ride-sharing apps have emerged across the world, including Southeast Asia’s Grab, which was also bought by Uber.

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5 years ago