DUBAI --- 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. Uber said in a prepared statement that the $3.1 billion purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. 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. ONE OF MIDEAST'S MOST SUCCESSFUL STARTUPS The Dubai-based Careem is among the Middle East's most successful startups. Careem quickly became popular across the Middle East, particularly in countries like Egypt and...
Keep on reading: Uber acquires Middle East competitor Careem for $3.1 billion
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