UBER ANNOUNCES $3.1 BILLION DEAL TO BUY MIDDLE EAST RIVAL CAREEM

, Magazine

Uber has reached a deal to acquire ride-hailing competitor Careem for $3.1 billion, the companies announced Tuesday.

Dubai-based Careem, founded in 2012, claims more than 30 million registered users and sells car-hailing services in 120 cities across North Africa, the Middle East and South Asia, from Morocco to Pakistan.

The companies characterized the deal as the biggest-ever technology industry transaction in the greater Middle East.