UBER - Emirates Telecom to buy 50% of Uber's Careem super app for $400M

2023-04-10 05:42:48 ET

Emirates Telecommunications Group, the largest UAE telco company will purchase a 50.03% stake in Uber's ( NYSE: UBER ) Middle East, super app Careem.

The deal is signed for $400M. Careem’s super app includes a dozen services including food and grocery delivery, remittances and third-party services such as laundry. Careem began seeking outside investors last year to help finance its services.

The ride-hailing business will be separated from the Careem super app business and will be fully owned by Uber, but will still be available on the super app.

Emirates Telecom or E& plans to reinvent itself as a global technology investor for which it has the “capacity and the wallet” to do so, the group’s CEO recently mentioned. Last year, Emirates Telecom became Vodafone’s biggest investor. E& says that the transaction fits company's agenda to scale up consumer digital offerings.

From last week, Uber and Tembici join hands for bike-sharing service in Latin America

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