Uber increases Careem stake in $100 million deal with e&

Uber boosted its stake in UAE-based delivery and payments app Careem, three years after the “everything app” was spun out from the Careem ride-share business which the U.S.  company acquired in 2020. 

Uber Technologies acquired a further 12.5% stake in Careem Technologies from Emirates Telecommunications Group, known as e&, for $100 million in cash, reducing e&’s stake from 50.03% to 37.52%. The agreement includes options allowing either party to require the sale of e&’s remaining stake. 

The Dubai-based telecom company invested $400 million for its stake in Careem when the entity was created in 2023, meaning it is selling its shares at close to their original value. 

Uber’s $3 billion purchase of the Careem ride sharing business was the biggest tech sector deal in the Middle East at the time and gave the company access to markets across the Middle East, including Egypt, Jordan, Saudi Arabia and the UAE. More recently, it has launched robotaxi services in a joint operation with WeRide.