Join 34,000+ Traders & Investors by getting our FREE weekly Sunday Cheat Sheet email. Get key market news and events before everyone else. Click Here to See if you Qualify.
Emirates Telecommunications Group Company will acquire a 50.03% stake in a super app managed by Careem, Uber Technologies’ Middle East subsidiary. The transaction is valued at $400 million, according to an e& filing. The deal, subject to regulatory approvals, will be financed from e&’s existing cash balance.
Careem founders Mudassir Sheikha and Magnus Olsson said that e&, formerly known as Etisalat Groups, would manage the Super App.
The ride-hailing business will operate separately from the Careem Super App business and will be entirely owned by Uber. The service, though, will still be available on the super app.
In a statement, Sheikha expressed delight at the partnership and believed the new platform would further advance technology in the region.
Related: Top 10 Best Artificial Intelligence (AI) ETFs to Buy In 2023
“We are excited to bring e& into the family,” said Sheikha. “Their passion for uplifting the region and the synergies across their portfolio are extremely valuable. With two strong partners in e& and Uber, I have no doubt that we will build the preeminent technology platform of the region.”
Etisalat rebranded to e& in June 2022 as the majority state-owned telco, seeking to position itself as a global technology and investment conglomerate. Founded in Abu Dhabi over four decades ago, the Emirates’ first telecommunications company, the Group currently has a presence in 16 countries across the Middle East, Asia and Africa.
This Options Discord Chat is The Real Deal
While the internet is scoured with trading chat rooms, many of which even charge upwards of thousands of dollars to join, this smaller options trading discord chatroom is the real deal and actually providing valuable trade setups, education, and community without the noise and spam of the larger more expensive rooms. With a incredibly low-cost monthly fee, Options Trading Club (click here to see their reviews) requires an application to join ensuring that every member is dedicated and serious about taking their trading to the next level. If you are looking for a change in your trading strategies, then click here to apply for a membership.