UAE: e& to take $400 million majority stake in ride-hailer Careem’s Super App

UAE: e& to take $400 million majority stake in ride-hailer Careem’s Super App

The app offers over dozen services, including food and grocery delivery, a digital wallet and additional 3rd-party services such as home cleaning, car rental and laundry

Published: Mon 10 Apr 2023, 9:55 AM Last updated: Mon 10 Apr 2023, 10:01 AM

Emirates Telecommunications Group Company has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' Middle East subsidiary, at a transaction cost of $400 million (Dh1.46 billion), e& said in a filing on Monday.

Careem’s ride hailing business will remain fully owned by Uber and continue to be available with all other Careem services on the existing app for customers.

The Careem Super App offers over a dozen services including food and grocery delivery, micro-mobility, a digital wallet and suite of fintech services, and additional third-party services such as home cleaning, car rental and laundry. Careem serves customers in 10 countries across the Middle East, North Africa and South Asia.

With this new investment, Careem plans to accelerate the realisation of its ambitious vision to create the first “everything app” serving customers across the Middle East.

This will include expanding its core food, grocery, and fintech services and the Careem Plus subscription programme across the region while adding even more