It was confirmed on Friday that Uber has officially completed it’s acquisition of Careem.
According to a press release from Uber, “Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand”.
The statement said that Careem co-founder and CEO Mudassir Sheikha “will continue to lead the Careem business, which will report to a board made up of three representatives from Uber and two representatives from Careem”.
Careem and Uber will continue to operate their respective regional services and independent brands.
With the finalisation of the deal, the former has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region, with major markets including Egypt, Jordan, Saudi Arabia, and the United Arab Emirates.
“The regulatory approval process in Pakistan, Qatar, and Morocco is ongoing and the transaction will not close in these territories until approvals from the legal authorities responsible are obtained,” said the statement.