The San Francisco-based ride-hailing firm will pay $1.4 billion in cash and $1.7 billion in convertible notes.
Egyptian Court Lifts Ride-Hailing Ban
The decision by the Supreme Court cannot be reversed.
The San Francisco-based ride-hailing firm will pay $1.4 billion in cash and $1.7 billion in convertible notes.
The decision by the Supreme Court cannot be reversed.
The partnership, which is set to launch in April, will be the world's first partnership between a government agency and a private ride-hailing app.
According to sources, who declined to be named because the talks are private, the companies have discussed numerous potential deal structures, but haven’t come to a final agreement.
Careem may resume operations in the country when it obtains the appropriate licenses.
The service, which is currently available to users in the United Arab Emirates, will be rolled out across the other markets in the region in the coming weeks.
As of now, only licensed taxi drivers are driving for the ride-hailing group, although it plans to add private cars later.
Careem offers a fixed salary, bonuses, and discounts with corporate partners.
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