Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, supports the acquisition between Uber & Careem, in a deal worth USD 3.1 Billion as the biggest ever technology transaction in the region.
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.
This acquisition results in an opportunity for both companies to expand and benefit from the region's rapid growth in the growing digital economy.
About Uber: Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 10 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
Careem is the leading technology platform for the greater Middle East. A pioneer of the region’s ride-hailing economy, Careem is expanding services across its platform to include payments, delivery and mass transportation. Careem’s mission is to simplify and improve the lives of people and to build a lasting enterprise that inspires. Established in July 2012, Careem operates in more than 120 cities across 15 countries and has created more than one million job opportunities in the region.