Emirates Telecommunications Group (e&) has agreed to sell a 12.5 per cent stake in Careem Technologies to Uber for $100 million in cash, reducing its ownership in the super-app from 50.03 per cent to 37.53 per cent.
The binding agreement gives Uber a deeper foothold in Careem as the platform looks to scale its multi-vertical model, which spans food delivery, quick commerce, ride-hailing, and payments.
According to a filing on ADX, Careem’s gross transaction value in core services grew almost fivefold over the past two years, with particular momentum in its Food, Quik, Plus, and Pay verticals.
Beyond the immediate sale, the deal includes put and call option arrangements that could determine the remainder of e&’s position. e& holds a put option allowing it to require Uber to purchase its residual Careem shares; Uber holds a reciprocal call option granting the reverse right. Both options are exercisable between December 1, 2031 and January 31, 2032.
e& framed the transaction as consistent with a shift toward tighter capital allocation and focus on its core telecoms operations, while preserving exposure to Careem’s longer-term growth. Following completion, e& will reclassify its Careem holding from a consolidated asset to an equity-method investment under IAS 28.
The deal is subject to regulatory approval. e& said it would update the market on any material developments.
