e& Sells Part of Careem Stake to Uber in $100 Million Deal as UAE Platform Enters Next Growth Phase

EcoPulse24 | ABU DHABI

Emirates Telecommunications Group (e&) has agreed to sell part of its stake in Careem Technologies to Uber Technologies in a transaction valued at $100 million, marking a new chapter in the ownership structure of one of the Middle East’s leading digital platforms.

According to a disclosure filed with the Abu Dhabi Securities Exchange (ADX), e& signed a binding agreement to sell a 12.5% stake in Careem Technologies from its existing 50.03% holding. Following completion of the transaction, e& will retain a 37.53% ownership interest in the company.

The transaction values the stake being sold at $100 million in cash and remains subject to regulatory approvals and customary closing conditions.

Careem Expands Beyond Ride-Hailing

The announcement comes after a period of accelerated growth for Careem Technologies across several business segments.

e& said Careem significantly increased revenue and market share over the past two years, with gross transaction value (GTV) in its core services expanding nearly fivefold. Growth was driven by businesses including Food, Quik, Plus, and Pay, reinforcing Careem’s transformation into a broader multi-vertical digital platform rather than a pure ride-hailing operator.

The company described Careem as a high-growth lifestyle platform with attractive long-term prospects across the region.

Uber Deepens Strategic Position

The transaction will increase Uber’s economic exposure to Careem while strengthening the strategic relationship between the two companies.

e& stated that the partial divestment is expected to allow Careem to benefit further from Uber’s global technology expertise and platform synergies as it enters its next phase of expansion.

At the same time, e& said the deal reflects its focus on disciplined capital allocation and greater concentration on core business priorities while preserving meaningful exposure to Careem’s future growth through its remaining stake.

Future Ownership Pathway Defined

The agreement also establishes a framework for potential future ownership changes.

Under the transaction terms, e& will hold a put option allowing it to require Uber to purchase its remaining Careem shares, while Uber will hold a reciprocal call option enabling it to acquire those shares. Both options become exercisable between December 1, 2031, and January 31, 2032.

The arrangement creates a potential pathway for further ownership consolidation later in the decade, although no additional transaction has been announced.

Upon completion, e& said it will change the accounting treatment of its Careem investment to the equity method under IAS 28.

EcoPulse24 Analysis

The strategic significance of this transaction extends beyond the immediate $100 million cash consideration. The deal provides a fresh valuation reference point for one of the Gulf region’s most prominent technology platforms while allowing e& to partially monetize a successful investment without fully exiting the business.

For Uber, the transaction deepens its position within a platform that has evolved far beyond transportation into food delivery, payments, subscriptions, and digital consumer services. The inclusion of reciprocal buy-sell options running into 2031 – 2032 suggests both parties are already establishing a roadmap for future ownership decisions.

For investors, the deal highlights a broader trend across Gulf markets: mature telecommunications and technology groups increasingly balancing capital discipline with continued exposure to high-growth digital platforms. As regional technology ecosystems expand, strategic ownership structures may become as important as operational growth in shaping long-term value creation.