etisalat and (e&) Sells 12.5% Stake in Careem to Uber for $100 Million.

The UAE’s telecommunications and technology group etisalat and has sold a 12.5% stake in Careem Technologies to Uber Technologies in a cash transaction valued at $100 million (AED367 million), marking another significant development in the evolution of one of the Middle East’s most prominent technology platforms.

The transaction reduces e&’s ownership in Careem Technologies from 50.03% to 37.53%, while strengthening Uber’s position in the company it originally acquired in 2019.

Despite the partial divestment, e& remains a major shareholder and maintains significant exposure to Careem’s future growth as the platform expands across mobility, food delivery, digital payments, quick commerce, and financial services.

The deal reflects a broader trend across the technology sector where strategic investors seek to optimise capital allocation while maintaining long-term participation in high-growth digital businesses.

What e&’s (Etisalat and) Deal Look Like

The transaction involves the sale of a 12.5% ownership stake in Careem Technologies by e& to Uber Technologies.

Transaction Summary

The deal further aligns Careem’s ownership structure with its long-term growth ambitions while providing e& with additional capital flexibility.

Strategic Implications of the Transaction for the Stakeholders

The stake sale represents more than a simple ownership adjustment.

For both parties, the transaction appears to support broader strategic objectives related to growth, operational efficiency, and future expansion opportunities.

For e&

The transaction allows e& to sharpen its focus on its core telecommunications, digital transformation, fintech, cloud, and technology businesses.

By partially monetising its investment, the company gains additional flexibility in capital allocation while retaining a substantial interest in Careem’s future value creation.

At the same time, maintaining a 37.53% ownership stake ensures e& remains closely connected to Careem’s growth journey and future strategic developments.

For Uber

The transaction increases Uber’s ownership position and influence within Careem.

As the global ride-hailing giant continues to expand its international technology ecosystem, stronger alignment with Careem could create opportunities for greater technology sharing, operational efficiencies, and platform synergies.

The move also reinforces Uber’s long-term commitment to the Middle East and North Africa region.

Careem’s Growth Story Continues

The transaction comes as Careem continues to evolve from a ride-hailing platform into a diversified digital services ecosystem.

Over the past two years, the company has significantly expanded its product portfolio and strengthened its position across several high-growth sectors.

Food Delivery

Careem Food continues to compete aggressively in the UAE’s growing food delivery market, benefiting from increasing consumer demand for convenience-based services.

Quick Commerce

The company’s Quik platform has emerged as an important growth engine, enabling rapid delivery of groceries and everyday essentials.

Digital Payments

Careem Pay has become a key component of the company’s ecosystem, supporting digital transactions, money transfers, and financial services.

Subscription Services

Careem Plus continues to expand customer engagement by providing bundled benefits across multiple services within the platform.

The company reported that gross transaction value (GTV) across its core services has increased nearly fivefold during the last two years, reflecting strong user adoption and growing market penetration.

How the Future Shareholding Options Look Like

An important aspect of the agreement involves future ownership options between e& and Uber.

Future Ownership Structure

The transaction includes:

• A put option allowing e& to require Uber to purchase its remaining Careem shares.
• A reciprocal call option allowing Uber to require e& to sell its remaining stake.

Exercise Window

These provisions establish a clear framework for potential future ownership changes while providing flexibility for both shareholders.

The arrangement also offers visibility regarding long-term strategic planning and governance.

What This Means for the Market

Careem’s Expansion Strategy Remains Intact

The transaction does not signal a change in Careem’s business direction. Instead, it appears designed to support the company’s next phase of growth while benefiting from closer alignment with Uber’s global technology ecosystem.

Investors Continue to Value Digital Platforms

The deal highlights the continued attractiveness of platform-based business models that combine mobility, commerce, payments, and digital services within a single ecosystem.

Regional Tech Companies Are Maturing

The transaction reflects the growing maturity of Middle Eastern technology companies, which are increasingly attracting sophisticated investment structures and long-term strategic capital.

Fintech Could Become an Even Bigger Growth Driver

With Careem Pay continuing to expand its role within the platform, financial services remain one of the most important opportunities for future growth.

The combination of mobility, commerce, and payments places Careem in a strong position to benefit from the region’s ongoing digital transformation.

About e&

e& (formerly Etisalat Group) is a global technology and telecommunications company headquartered in the UAE. Operating across the Middle East, Asia, Africa, and Europe, the company provides telecommunications, digital services, fintech, cloud computing, cybersecurity, enterprise solutions, and emerging technology offerings. Serving millions of customers across multiple markets, e& has evolved from a traditional telecom operator into a diversified technology group focused on digital transformation, innovation, and long-term value creation.

Looking Ahead

The $100 million transaction highlights Careem’s growth as a key tech player in the Middle East. While e& has reduced its stake, it remains a significant shareholder, and Uber strengthens its commitment to the region. As Careem expands into mobility, commerce, subscriptions, and digital payments, investors and tech stakeholders will closely monitor its next phase of development.

The deal underscores the increasing strategic importance of digital platforms that integrate technology, payments, and consumer services.