Uber acquired the Middle Eastern ride-hailing company Careem in 2019. The agreement, announced in March 2019, valued Careem at about $3.1 billion and was one of Uber’s biggest international acquisitions.
Careem was founded in Dubai in 2012 by Mudassir Sheikha, Magnus Olsson and Abdulla Elyas. It grew from a vehicle-booking service into a major regional platform operating across the Middle East, North Africa and South Asia. Uber’s deal was designed to strengthen its presence in markets where Careem had built especially strong local relationships.
The transaction was announced in 2019 but completed in January 2020 after regulatory approvals. Careem continued operating under its own brand, making the deal different from a simple rebranding. That continuing identity can cause confusion: Uber owns the business, but Careem remains the name customers see in much of the region.