Uber has announced that it has formally completed its previously announced acquisition of Karim for $ 3.1 billion.
Karim Networks is now a wholly owned subsidiary of Uber, but it will maintain its brand name, and one of Karim’s founders and CEO Muddathir Sheikha will continue to lead Karim’s business, under the supervision of a board of 3 members comprising Uber and two representatives from Karim, and each of Uber will Karim will operate their regional services and brand names independently.
With the completion of the deal, Uber acquires the business of Karim in the field of transport, delivery and payment throughout the broader Middle East region, which includes major markets including Egypt, Jordan, Saudi Arabia and the United Arab Emirates, and the procedures for obtaining approval for the acquisition in Pakistan and Qatar And Morocco is still going on, and the deal will not be completed in these markets at the present time until the approvals are obtained from the responsible legal authorities.
“I look forward to seeing more innovation from Karim as they continue to work independently under their current leadership, and by working in parallel, each of our platforms will be able to take advantage of each other’s unique features,” said Dara Khosrochaihi, CEO of Uber. It benefits the drivers, passengers and cities we serve in the greater Middle East. “
For his part, Muddassir Sheikha, co-founder and CEO of Karim said, “This day marks the beginning of a new phase for Karim, and the journey that we started almost a decade ago to simplify the lives of people in the broader Middle East is still ongoing, as our efforts will contribute to efforts Uber to quickly reach our goal of becoming the universal application of daily needs in the region, we are excited to take Karim to new heights in cooperation with Uber, the company that understands the important regional opportunity, in addition to supporting our values and culture, and sharing the goal that drives us. “
Both companies believe that the completion of this acquisition will provide an opportunity to expand the diversity and reliability of the services available through its applications, and with regard to drivers and cabin partners, both companies are confident that increased flight growth and improved services are matters that will provide better economic opportunities and enhance the ability to anticipate the proportion of profits By using drivers’ driving time better.
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