Mubasher: American multinational ride-hailing company Uber Technologies has announced the completion of its acquisition of Dubai-based transportation network company Careem for $3.1 billion.

Following the closure of the deal, Careem became a wholly-owned subsidiary of Uber, the American company said in a statement released on Friday.

Careem’s co-founder and CEO Mudassir Sheikha will continue to lead Careem’s business. He will report to a board made up of three representatives from Uber and two representatives from Careem.

Careem and Uber will operate their respective regional services and independent brands.

“Working in parallel, our two platforms will be able to build upon the unique strengths of each, to the benefit of drivers, riders, and the cities we serve across the greater Middle East,” Uber’s CEO Dara Khosrowshahi commented.

Uber acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region in major markets including Egypt, Jordan, Saudi Arabia, and the UAE.

"The journey that we started almost a decade ago to simplify the lives of people in the greater Middle East is far from over. Joining forces with Uber accelerates that journey as we become the region's everyday super app,” Sheikha said.

Moreover, the closure of the acquisition deal in Pakistan, Qatar, and Morocco is still pending regulatory approval.