E& to acquire a majority stake in Careem Super App

E& to acquire a majority stake in Careem Super App

- Investment will support expansion of Careem’s Super App after proven success in the UAE

- Uber retains 100% ownership of the Careem ride-hailing business which it acquired in 2020 and will be a significant shareholder of the Careem Super App business

Abu Dhabi: e& today announced the signing of a binding agreement with Uber Technologies, Inc. (“Uber”) and its subsidiary Careem to acquire a majority stake in Careem’s Super App spinout. 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.

e& is investing $400m to become a majority shareholder in Careem's Super App alongside Uber and all three of Careem's co-founders. 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