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"The UAE Has Come Of Age In Terms Of Tech Prowess" - Muna Al Gurg, The Only Emirati Investor In Careem, On The Company's Acquisition By Uber
As the only individual Emirati shareholder in Careem, Al Gurg, who's the Director of Retail at Easa Al Gurg Group, has been hailed for her role in enabling the creation of the Middle East's biggest ever tech success story.
The move has come after Uber recorded heavy losses last year ahead of its plans for an initial public offering
The deal will see Careem becoming a wholly owned subsidiary of Uber, though Careem will continue to operate independently under the leadership of current CEO and co-founder Mudassir Sheikha.
Careem has an India connection - it recently acquihired Hyderabad-based Commut
Careem has appointed the co-founder of Silicon Valley-based investment firm Lumia Capital, Zach Finkelstein, as its Vice President of Corporate Development to help drive this stage of the business' trajectory.
The Middle East (and global) ride-hailing technology space has taken an exciting turn as the Dubai-headquartered Careem announced a strategic partnership with Chinese ride-hailing giant Didi Chuxing.
As per a statement on the seed funding, Swvl proposes to utilize the investment to "expand into new cities and markets, as well as roll out new product features within its app, including new payment options."