Uber Adjusts Stake in Careem Technologies
Uber has announced a significant change in its ownership structure regarding Careem Technologies, a popular super app based in the UAE. Under a new agreement, Uber will increase its share in Careem by acquiring a 12.5% stake from e& for $100 million. This change will bring e&’s holding down to 37.53% from the previous 50.03%.
This adjustment in ownership is pending regulatory approvals and other necessary closing conditions. The shift follows e&’s major investment in 2023 when it secured a majority stake in Careem, investing $400 million. At that time, Uber kept control of Careem’s ride-hailing services while maintaining a significant interest in the app’s broader offerings.
Established in Dubai in 2012, Careem has grown from a ride-hailing service into a versatile super app. It now provides a variety of services, including food and grocery delivery, digital payments, and more, catering to users in multiple regions.
Careem’s co-founder and CEO, Mudassir Sheikha, expressed his enthusiasm for the new agreement, stating that it brings Careem and Uber closer together while keeping e& as a valuable strategic partner.
This deal comes as Uber aims to strengthen its presence in the Middle East and wider EMEA markets, with Careem being a key player in the local tech scene. Notably, Uber acquired Careem in 2020 for $3.1 billion, marking one of the largest technology sales in the Middle East.
