Emirates Telecommunications Group (e&) has divested a 12.5% stake in Careem Technologies to Uber Technologies in an AED 367 million cash transaction. e&, which previously held a 50.03% share in Careem, will retain a 37.53% stake following completion.
The deal includes a put option allowing e& to require Uber to purchase its remaining Careem shares, with Uber holding a reciprocal call option – both exercisable between December 2031 and January 2032. e& framed the sale as part of a strategic refocus on core businesses and disciplined capital allocation.
The move brings Uber deeper into Careem's ownership structure at a time when the platform has seen gross transaction value in core services grow nearly fivefold over two years, with momentum across its food delivery, quick commerce, premium transport, and payments verticals.
Gulf Economist Staff Writer