UAE’s e& Sells 12.5% Stake in Careem Technologies to Uber in $100 Million Deal

Business

UAE’s e& Sells 12.5% Stake in Careem Technologies to Uber in $100 Million Deal

Emirates Telecommunications Group Company PJSC (e&) has announced the sale of a 12.5 per cent stake in Careem Technologies to Uber Technologies in a cash transaction valued at $100 million (Dh367 million), reinforcing its strategic focus on core business operations while maintaining a significant interest in the regional technology platform.

Prior to the transaction, e& held a 50.03 per cent stake in Careem Technologies. Following the completion of the deal, the UAE-based telecommunications giant will retain a 37.53 per cent shareholding in the company.

In a disclosure to the Abu Dhabi Securities Exchange (ADX), e& said the partial divestment is expected to support Careem’s next phase of growth by leveraging Uber’s global technology expertise and platform capabilities.

“Our partial stake sale to Uber will allow Careem Technologies to benefit from Uber’s global technology experience and platform synergies, and position itself for the next phase of growth. This also reflects e&’s increased strategic focus on its core businesses and disciplined capital allocation priorities, while maintaining exposure to Careem Technologies and remaining aligned with its future growth trajectory,” the company said.

The agreement also includes future ownership options for both parties. Under the arrangement, e& holds a put option that enables it to require Uber to acquire its remaining shares in Careem Technologies. Uber, in turn, has a reciprocal call option allowing it to require e& to sell its remaining stake.

Both options can be exercised between December 1, 2031, and January 31, 2032.

Despite reducing its shareholding, e& reiterated its commitment to supporting Careem’s long-term growth and development.

“We will continue to work closely with management and fellow shareholders to support and promote the company as a high-potential growth platform with attractive long-term prospects,” the company added.

Careem Technologies has recorded strong growth over the past two years, significantly expanding its market position in the UAE. The company’s gross transaction value (GTV) across its core services increased nearly fivefold, driven by strong momentum in segments including Food, Quik, Plus, and Pay.

The transaction underscores the continued evolution of the UAE’s technology and digital services sector, as major regional and global players strengthen strategic partnerships to accelerate innovation and market expansion.