UAE's e& sells 12.5% stake in Careem to Uber for $100 million
Emirates Telecommunications Group Company PJSC (e&) has announced the sale of a 12.5% stake in Careem Technologies to Uber Technologies in a cash transaction valued at $100 million (Dh367 million).
Before the transaction, e& held a 50.03% stake in Careem Technologies. Following the sale, the UAE telecom giant will retain a 37.53% stake in the company.
Key Highlights
Stake sold to Uber: 12.5%
Deal value: $100 million (Dh367 million)
e& stake before sale: 50.03%
e& stake after sale: 37.53%
Strategic Move to Support Future Growth
According to e&, the partial sale will enable Careem Technologies to benefit from Uber’s global technology expertise and platform synergies, helping the company enter its next phase of growth.
The company stated that the transaction aligns with its strategy of:
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Focusing on core business operations
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Maintaining disciplined capital allocation
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Retaining exposure to Careem's future growth potential
Future Shareholding Options
As part of the agreement, both companies have secured future rights regarding the remaining shares held by e&.
Agreement Includes:
Put Option: Allows e& to require Uber to purchase its remaining Careem shares.
Call Option: Allows Uber to require e& to sell its remaining shares.
These options can be exercised between:
December 1, 2031
January 31, 2032
Careem Records Strong Growth
e& highlighted Careem Technologies' strong performance over the past two years, noting significant growth in revenue and market share across the UAE.
Growth Drivers
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Food delivery services
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Careem Quik
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Careem Plus
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Careem Pay
The company revealed that Careem’s Gross Transaction Value (GTV) in its core services has grown nearly fivefold, reflecting strong momentum across its expanding digital services ecosystem.
Long-Term Commitment Remains
Despite reducing its stake, e& reaffirmed its commitment to supporting Careem Technologies alongside management and other shareholders.
The company described Careem as a high-potential growth platform with attractive long-term prospects and said it remains aligned with the company’s future growth trajectory.
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