UAE’s e& acquires $400m stake in Careem
UAE’s Emirates Telecommunications Group Company (e&) has announced the acquisition of
a majority stake worth $400 million in the Careem super-app, owned by Uber. e& will become a majority investor alongside Uber who will still remain the whole owner of Careem.
The move accelerates Careem’s plans towards becoming an “everything app” in the region.
Currently, the Careem application offers multiple services including food delivery, groceries, payment solutions and third-party services such as home cleaning, laundry and car rental, offering services in over 10 countries across the region.
Hatem Dowidar, Group CEO, e& said, “Super Apps have catalysed the economic, social and cultural growth of emerging markets today. The popularity of super apps has come from the need to provide a unique and seamless customer experience. The mobile first population have given rise to an ecosystem that has encouraged the use and also expanded the scope for super apps with user expectations turned towards performing their daily activities on digital platforms.