Uber announces $3.1 billion deal to buy Middle East rival Careem

Al-Anbat - Uber’s $3.1 billion agreement to buy Careem consists of $1.7 billion in convertible notes and $1.4 billion in cash. Dubai-based Careem claims more than 30 million registered users in 120 cities across North Africa, the Middle East and South Asia. Uber is approaching a much-anticipated initial public offering that reports have said could value the company at as much as $120 billion.