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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.
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“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.
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