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From: Dara
For: Team @
Date: March 25, 2019 at 23:45 Pacific Time
Subject: Acceleration in the Middle East
Five years ago, Uber was launched in the Middle East. It was the start of an incredible journey, with millions of cyclists and drivers finding new ways to move and work in a dynamic region that has become so important to Uber. Now, Pakistan is one of the fastest growing markets in the world. Women drive with Uber in Saudi Arabia. We chose Cairo to launch our first Uber Bus product at the end of last year.
Today, we take a new step in this adventure: it is rather a big leap: we will announce in a few minutes that we have agreed to acquire Careem. It is important to note that we intend to operate Careem independently under the guidance of co-founder and current CEO Mudbadir Sheikha. I've come to know both co-founders, Mudbadir and Magnus Olsson, and what they've built is truly extraordinary. They are blue-chip entrepreneurs who share our vision of the platform and, like us, have launched a wide range of products, from digital payments to food delivery, to serve consumers.
I expect that many of you are wondering how we arrived at this structure, allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of allowing us to build new products and try new ideas among not one, but two strong brands, with powerful operators within each. Over time, by integrating elements of our networks, we can operate more efficiently, reduce waiting times, develop new products such as high-capacity vehicles and payment systems, and accelerate the pace already. remarkable innovation in the region.
This acquisition is subject to regulatory approval from different countries, which we did not expect before the first quarter of 2020. Until then, nothing changes. And since the two companies will continue to operate largely separately after the acquisition, very little will change in the daily operations of both teams after closing.
Today's news is testimony to the incredible business that our team has worked so hard to build. It's a great day for the Middle East, for the burgeoning technology sector of the region, for Careem and for Uber.
Uber on,
Dara
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