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

Mashreq Bank sells Neopay

Mashreq sells majority stake in NeoBank in $385m deal

Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. It said Mashreq would retain […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]

Water, Waterfront, Shipping Container

Turkish exports to the UK hit all-time high

Turkey’s exports to the United Kingdom reached a record high in the first eight months of 2024, according to official data. Exports rose 11 percent year on year to $8.3 billion between January and August, Anadolu Agency reported, citing data from the Turkish Exporters Assembly. The automotive sector led the way, with exports reaching $2.7 […]

Person, Desk, Furniture

Abu Dhabi fund sells stake in UK insurance company

Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, has sold a 50 percent stake in the UK-based insurance technology company Policy Expert to private equity entity Cinven. The stake will be purchased by Cinven’s strategic financials fund. No financial details were disclosed. The deal is subject to regulatory approvals and closing conditions. […]