Uber’s acquisition of Careem will create ‘hundreds’ of new millionaires among staff

Fadi Ghandour, the founder of Aramex, says Uber's acquisition of Careem is going to be transformative for the UAE's start-up sector, creating hundreds of new entrepreneurs.
(Pablo Blazquez Dominguez/Getty Images)
(Pablo Blazquez Dominguez/Getty Images)


Uber's purchase of ride-hailing platform Careem for US $3.1 billion last week will create at least 275 new millionaires in the region, according to Fadi Ghandour, the founder of Aramex.

His comments in a blog post published on Wamda were based on the fact that all 4,000 people working at Careem have stock options and their shares in the company will be bought as part of the deal.

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This does not include Careem's drivers, or "captains" as they are known, who are not employees of the company.

According to Ghandour, the affect on the region’s start-up sector is going to be huge.

Uber's acquisition of Careem "proves that the region can have a unicorn that maintains and increases its value" he wrote, and investors and employees of those successful companies can and will go on to bigger things.

"This matters, because that is what entrepreneurship is all about," he argues. "A new era has arrived and this is going to be the era of the Careem graduates taking the region to the next level of innovation and company creation – creating new jobs, and new wealth."

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The deal is expected to close in the first quarter of next year and is subject to regulatory approvals, the companies said in a joint statement.

Careem co-founder and chief executive officer, Mudassir Sheikha, described the deal as “a milestone moment for us and the region,” saying it would serve “as a catalyst for the region’s technology ecosystem.”

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