Sheikh Mohammed hails Uber-Careem deal

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has applauded the global ride hailing company Uber Technologies Co.  acquiring UAE-based Careem.

"Twenty years ago, we established an Internet and e-commerce city in Dubai's desert. Many questioned the idea,” Al Maktoum tweeted.

Uber on Tuesday reached an agreement to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.  The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.

“In 1999, many people questioned our idea to establish Dubai Internet City in the desert. Two years ago, Amazon acquired the multi-billion dirham Souq.com and today, Uber acquired Careem for Dh11 billion. These giant companies flourished from the "desert" of Dubai,” Dubai Media Office tweeted, citing Sheikh Mohammed.