The UAE-based telecommunications leader, e&, has officially offloaded a 12.5% stake in Careem Technologies to Uber in a transaction valued at $100 million. Before this deal, e& held a majority 50.03% stake in the ride-hailing firm; following the sale, its ownership will be adjusted to 37.53%. The move is framed as a strategic pivot for the telecom giant, allowing it to reallocate capital toward its primary business operations while ensuring Careem continues to leverage Uber’s extensive global technological expertise for its future expansion.

Under the terms of the agreement, both parties have established a structured path for the future, including mutual put and call options that can be exercised between December 2031 and early 2032. This arrangement ensures that e& maintains a long-term interest in Careem, which has seen impressive growth recently, with its core services—spanning food delivery, digital payments, and subscription models—experiencing a nearly five-fold increase in transaction value over the past two years. e& remains committed to supporting Careem’s ongoing momentum as it solidifies its position as a major digital platform.