Skip to content Skip to Search
Skip navigation

e& completes deal to buy stake in Careem super-app

By Pramod Kumar
Abu Dhabi-listed e& owned 20% of the UK’s Vodafone as of August 2023 Reuters
Abu Dhabi-listed e& owned 20% of the UK’s Vodafone as of August 2023

e&, formerly known as Etisalat, has completed the acquisition of a 50.03 percent stake in Careem Technologies for $400 million.

The investment is part of the Emirati telco’s strategy to scale up its consumer digital offering and accelerate its transformation to a global technology group, the company said in a statement published on the Abu Dhabi Securities Exchange (ADX).

The transaction will be financed through debt and is not associated with related parties.

Careem Technologies operates the Careem Everything App, which is a new entity created by carving out the non-rideshare businesses from Careem. The app will operate alongside Careem’s rideshare business, which remains fully owned by US ride-hailing giant Uber.

The acquisition was first announced in April this year.

Established in Dubai in 2012 offering a ride-hailing service, Careem has grown to what it calls a “super-app”, offering a range of services from local and global companies, including laundry, home cleaning and car rentals.

Careem, which operates across 80 cities in 10 countries, was acquired by US rival Uber in 2020 for $3.1 billion.

Latest articles

A Geely Galaxy E8 electric vehicle at Auto China 2024. Geely is one of the most popular Chinese car brands in the Gulf

Chinese carmakers ‘taking Gulf by storm’

Chinese carmakers now claim a sizeable chunk of new car sales in the Gulf and it is likely they will increase their market share further by wooing regional consumers through their vehicles’ innovative designs and perceived value for money. That is the prediction of Amir Khurshid, CEO of Saudi Arabia’s ThinkDirect Automotive Consulting and an […]

UAE’s RedBird IMI acquires UK TV producer for $1.5bn

RedBird IMI, A US investment management company partly owned by Abu Dhabi’s International Media Investments, has acquired All3Media, the UK’s largest independent TV production company behind hits such as Fleabag, The Traitors and Gogglebox. The for £1.15 billion ($1.5 billion) deal is the largest for RedBird IMI to date, the company said in a statement. […]

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]