Uber spent $3.1 billion to dominate competition in the Middle East.
It announced Tuesday that it reached an agreement to buy Dubai-based Careem, which operates in 15 countries including Morocco, Pakistan, Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.
The deal was for $1.4 billion in cash, $1.7 billion in loans — and marks the biggest tech industry deal in the region outside of Israel, according to the Associated Press.
The company will operate with its two co-founders under Uber as its own brand — for now. On Careem’s website, the company wrote, “We are still Careem.” Read more…
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