e& Sells 12.5% Stake in Careem to Uber for US$100 Million
UAE-based telecommunications group e& has signed a binding agreement to sell a 12.5% stake in Careem Technologies to Uber for US$100 million in cash, in a move that reshapes its ownership position in the regional superapp while keeping a significant share in the business.
Following the transaction, e&’s holding in Careem Technologies will decrease from 50.03% to 37.53%. The company said the sale is consistent with its strategy to focus on core operations while still participating in Careem’s future growth.
Karim Bennis, Group Chief Financial Officer at e&, said the deal supports the group’s strategic priorities and preserves exposure to Careem Technologies’ development trajectory. According to the company, the partial divestment reflects its intent to concentrate on core businesses while maintaining a meaningful stake in the superapp.
Careem’s Regional Growth Continues
Careem Technologies has expanded its presence in the UAE over the past two years, with gross transaction value across its core services rising nearly fivefold. The company attributed this growth to strong performance in Careem Pay, food delivery, and quick commerce.
The transaction is also expected to give Careem access to Uber’s global technology expertise. Both companies said the arrangement is designed to create platform synergies and support further development of Careem’s services across the region.
In addition to the immediate stake sale, the agreement includes reciprocal options for the remaining shares in Careem Technologies. Under the terms, e& has a put option that allows it to require Uber to buy its remaining shares. Uber, meanwhile, holds a call option that enables it to require e& to sell those shares.
These options may be exercised between 1 December 2031 and 31 January 2032, giving both parties a future framework for a potential full transfer of ownership.
The transaction remains subject to regulatory approvals and other customary closing conditions. Once completed, e& will account for its remaining stake in Careem Technologies using the equity method under international accounting standards.
Industry Analysis
The deal highlights the continued strategic importance of superapp platforms in the Middle East, particularly as digital payments, food delivery, and quick commerce gain momentum. For e&, the sale provides immediate capital while preserving upside in a fast-growing asset. For Uber, the purchase deepens its exposure to one of the region’s most established digital platforms and signals confidence in Careem’s long-term growth potential.
More broadly, the transaction reflects a wider industry trend in which telecom and technology groups are refining portfolios, monetizing partial stakes, and aligning around core business priorities while maintaining positions in high-growth digital ventures.
