Uber Technologies Inc. has agreed to acquire a 12.5% stake in Careem Technologies from UAE telecoms group e& for $100 million in cash, deepening its ownership in the Middle East super app.
The transaction will see e& reduce its shareholding to 37.53% from 50.03%, while Uber increases its position. The deal remains subject to regulatory approvals and customary closing conditions.
The move reshapes Careem’s ownership structure for the second time in two years, following e&’s $400 million investment in 2023 that gave it majority control of the super app business. Uber at the time retained ownership of Careem’s ride-hailing unit and remained a key shareholder in the broader platform.
Founded in Dubai in 2012, Careem has expanded beyond ride-hailing into a multi-service platform offering food and grocery delivery, payments, and other digital services across the Middle East and North Africa.
Chief Executive Officer Mudassir Sheikha said the transaction brings Careem and Uber into “a closer, deeply familiar alignment,” while preserving e&’s role as a strategic, long-term partner.
The investment underscores Uber’s continued focus on the Middle East and wider EMEA region, where Careem remains one of the most prominent consumer technology platforms.
Uber acquired Careem in a landmark $3.1 billion deal completed in 2020, one of the region’s largest technology exits.