Uber buys Careem to operate it as independent brand
According to a press release from Uber CEO Dara Khosrowshahi, the company "intends to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha."
Speaking about the decision to let Careem operate as an independent brand and operate separately, Khosrowshahi said: "After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each.
He added: "Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region."
The press release further announced that the acquisition is subject to regulatory approval in various countries, which is not expected to be acquired until 2020. ■