Uber Technologies Inc. said Jan. 2 that it has completed its previously announced purchase of Dubai-based rival Careem Networks FZ LLC for $3.1 billion.
Careem is an online on-demand ride-hailing platform with a presence in 120 cities across 15 countries.
The deal, announced in March 2019, covers Careem's mobility, delivery and payments businesses in the greater Middle East region including Egypt, Jordan, Saudi Arabia and the United Arab Emirates.
Following the acquisition, Careem will continue to operate under its namesake brand as a subsidiary of Uber, while co-founder and CEO Mudassir Sheikha will continue to lead the business.
California-based Uber said it will also continue to run as a separate brand from Careem in the regions where the latter operates.
"I'm looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership," Uber CEO Dara Khosrowshahi said.
Uber said the acquisition of Careem is still ongoing in Pakistan, Qatar and Morocco, where it is yet to receive regulatory approval.
The announcement comes just days after Reuters reported that the Egyptian Competition Authority approved the deal.
Uber's stock closed up 4.20% to $30.99 in New York trading Jan. 2.