e& Reduces Holding in Careem Technologies as Uber Strengthens Position in Regional Super App
Under the agreement, e& will reduce its shareholding in Careem Technologies to 37.53% from 50.03% while Uber strengthens its ownership position in the company.
UAE-based super app Careem is entering a new ownership phase after Uber agreed to acquire a 12.5% stake in Careem Technologies from e& for $100 million in cash.
Under the agreement, e& will reduce its shareholding in Careem Technologies to 37.53% from 50.03% while Uber strengthens its ownership position in the company. The transaction remains subject to regulatory approvals and customary closing conditions.
The move marks another shift in Careem’s ownership structure following e&’s acquisition of a majority stake in the super app business in 2023 through a $400 million investment. At the time, Uber retained ownership of Careem’s ride-hailing operations while remaining a significant shareholder in the broader platform.
Founded in Dubai in 2012, Careem has evolved from a ride-hailing platform into a regional super app offering services including transportation, food delivery, grocery delivery, digital payments, and other consumer services across multiple markets.
Commenting on the transaction, Careem co-founder and CEO Mudassir Sheikha said the move brings Careem and Uber back into “a closer, deeply familiar alignment” while maintaining e& as a strategic shareholder and long-term partner.
The deal comes as Uber continues expanding its presence across the Middle East and broader EMEA markets, while Careem remains one of the region’s most prominent technology companies and digital consumer platforms.
Careem was previously acquired by Uber in a $3.1 billion transaction completed in 2020, widely considered one of the largest technology exits in the Middle East.
