UAE telecom giant e& has agreed to sell a portion of its ownership in ride-hailing and delivery platform Careem to Uber Technologies in a cash transaction valued at $100 million, further reshaping the long-running partnership between the two companies.
Under the binding agreement, e& will offload 12.5% of its stake in Careem from its current 50.03% holding. Once the deal closes, e& will remain a significant shareholder with a 37.53% interest in the regional technology platform.
The transaction goes beyond a straightforward share sale. Both companies have secured future rights tied to e&’s remaining stake. e& will hold an option allowing it to require Uber to purchase its outstanding shares in Careem, while Uber has obtained a corresponding right to acquire those shares. The options can be exercised during a designated period running from December 1, 2031, through January 31, 2032.
The agreement arrives as Careem continues to strengthen its position across the Middle East. Over the past two years, the company has recorded substantial growth in its core businesses, with gross transaction value across key services rising nearly fivefold. The expansion has been fueled by increased activity in areas such as food delivery and quick-commerce operations.
The sale remains subject to regulatory clearances and other customary conditions before it can be completed.
