Additionally, Sheikha stated that the transaction is a “milestone moment” and will “serve as a catalyst” for Careem and the technology ecosystem in the Middle East.
Following the closing of the transaction, Careem will become a wholly-owned subsidiary of Uber. It will continue to operate indepedently under Sheikha’s leadership. It will have its own Board of Directors consisting of three representatives from Uber and two from Careem.
Both ride-sharing companies will operate its respective regional services and brands.
The announcement comes while Uber is preparing for its upcoming initial public offering (IPO). The company is expected to submit its IPO registration with the Securities and Exchange Commission (SEC) next month. Bloomberg recently reported that it will be listing its shares at the New York Stock Exchange (NYSE).
