Uber has completed the acquisition of Careem, the San Francisco-headquartered company has announced, saying Careem became a wholly-owned subsidiary of Uber, preserving its brand. The $3.1 billion acquisition was first announced in March last year. Mudassir Sheikha, the co-founder and CEO of Careem will continue to lead its business and report to a board made up of three representatives from Uber and two from Careem. Both companies will continue to operate their respective regional services and independent brands. “With the closing of the deal, Uber has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region, with major markets including Egypt, Jordan, Saudi Arabia, and the United Arab Emirates,” said the statement. The statement also explained that the two companies are still in process to obtain regulatory approvals in Pakistan, Qatar, and Morocco, and the transaction in these markets will not close until the approvals have been obtained. “I’m looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership. 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,” said Dara KhosrowshahiI, the CEO of Uber. Mudassir Sheikha, the co-founder and CEO of Careem, said: “Today marks the beginning of a new chapter for Careem. 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. We are excited to take Careem to new heights alongside Uber, who appreciates the significant regional opportunity, is supportive of our values and culture, and believes in the purpose that drives us.” The statement said that both companies believe that the completed acquisition will provide an opportunity to expand the variety and reliability of the services offered through their applications.