Dubai-based telecom giant e& is trimming its investment in Careem, striking a deal that will see ride-hailing heavyweight Uber pay $100 million in cash for a portion of the company’s shares.
Under the binding agreement, e& will sell 12.5% of its current holding in Careem. The transaction reduces the group’s ownership from 50.03% to 37.53%, while allowing it to remain one of the company’s key shareholders.
Beyond the immediate share sale, th**Headline: Uber Deepens Careem Ties as e& Cashes Out $100 Million Slice of Stake**
Dubai-based telecom giant e& is trimming its investment in Careem, striking a deal that will see ride-hailing heavyweight Uber pay $100 million in cash for a portion of the company’s shares.
Under the binding agreement, e& will sell 12.5% of its current holding in Careem. The transaction reduces the group’s ownership from 50.03% to 37.53%, while allowing it to remain one of the company’s key shareholders.
Beyond the immediate share sale, the agreement lays the groundwork for a possible future transfer of e&’s remaining Careem stake. The deal grants e& the right to require Uber to buy its outstanding shares, while Uber receives a matching right to acquire them. Both options become available during a two-month window running from December 2031 through January 2032.
The move arrives as Careem continues to expand aggressively across the UAE. Over the past two years, the company has strengthened its position well beyond ride-hailing, recording a sharp rise in gross transaction value across its core businesses. Growth has been fueled by the rapid scaling of services such as food delivery and quick-commerce offerings, reflecting the region’s increasing appetite for app-based convenience.
The transaction is still subject to regulatory clearances and other customary closing requirements before it can be finalized.
e agreement lays the groundwork for a possible future transfer of e&’s remaining Careem stake. The deal grants e& the right to require Uber to buy its outstanding shares, while Uber receives a matching right to acquire them. Both options become available during a two-month window running from December 2031 through January 2032.
The move arrives as Careem continues to expand aggressively across the UAE. Over the past two years, the company has strengthened its position well beyond ride-hailing, recording a sharp rise in gross transaction value across its core businesses. Growth has been fueled by the rapid scaling of services such as food delivery and quick-commerce offerings, reflecting the region’s increasing appetite for app-based convenience.
The transaction is still subject to regulatory clearances and other customary closing requirements before it can be finalized.
