Uber has acquired Dubai-based ridesharing company Careem for $3.1 billion, with the deal expected to close early next year. Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates. Upon closing, Careem will become a wholly-owned subsidiary of Uber, preserving its brand. Careem and Uber will operate their respective regional services and independent brands. Dara Khosrowshahi, CEO of Uber, said the move is an important one for Uber as it continues to expand the strength of its platform around the world. He said that with a proven ability to develop innovative location solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East.