Uber confirmed the official close of the previously announced acquisition of Careem for $3.1 billion. Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-founder and CEO Mudassir Sheikha will continue to lead the Careem business, which 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.
Udrive, the app-based pay-per-minute car rental service, has announced a USD 5 million Series B round of funding, in which it will welcome commercial, institutional and private investors.
Founded in 2017, the UAE-based start-up has undergone one previous round of funding, in which it raised USD 1 million and saw investors’ return triple. This second round underpins Udrive’s unprecendented growth in the market, while proving the welcomed reception of the pay-as-you-drive concept. Udrive anticipates a round of Series C funding will take place in another 18-months.
Augmented Reality is transforming the automotive sector with innovative technologies taking the driving experience to the next level. And now, Arabian Automobiles, the flagship company of the AW Rostamani Group and the exclusive dealer for INFINITI in Dubai, Sharjah and the Northern Emirates, is celebrating the arrival of an innovative AR feature by INFINITI that will delight customers for the practicality and functionality it offers.
Continental, the leading automotive, tyre and technology company, has announced that its new digital tyre monitoring platform for commercial fleets, ContiConnect, is set to be introduced in the Middle East by 2019. This efficient solution for remote tyre monitoring helps fleets to maximise efficiency and sends alerts if tyre pressure deviates from the defined value.