Uber has reached an agreement to acquire Dubai-based ridehailing platform Careem for $3.1 billion. The deal is projected to close in the first quarter of 2020, pending regulatory approvals. Careem would become a wholly owned subsidiary of Uber, keeping both its brand and its co-founder and CEO, Mudassir Sheikha. Careem's major markets include Egypt, Jordan, Pakistan, Saudi Arabia and the United Arab Emirates.