Between them the two players are set to receive a stake around $150 million from the Tour's newly-formed enterprise
"Twenty years ago, we established an Internet and e-commerce city in Dubai's desert. Many questioned the idea. Today, Uber acquired Careem for AED11 billion. Recently, Amazon acquired Souq, also a multibillion-dirham deal. These companies emerged from the 'deserts' of Dubai," Dubai Media Office tweeted, citing Sheikh Mohammed.
Uber and Careem on Tuesday reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.
The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.
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.
Upon closing, Careem will become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-founder and CEO Mudassir Sheikha will lead the Careem business, which will report to its own board made up of three representatives from Uber and two representatives from Careem. Careem and Uber will operate their respective regional services and independent brands.
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. pic.twitter.com/h9gkOXK8n9
- HH Sheikh Mohammed (@HHShkMohd) March 26, 2019
Between them the two players are set to receive a stake around $150 million from the Tour's newly-formed enterprise
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