e&, Uber strike deal over 12.5% Careem stake
As part of the agreement, e& has secured a put option that allows it to require Uber to purchase its remaining shares in Careem Technologies
01 June, 2026
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e& has agreed to sell a 12.5 per cent stake in Careem to Uber Technologies for $100m in cash, as the UAE telecoms group sharpens its focus on core operations while retaining significant exposure to the ride-hailing and super app platform.
The transaction will reduce e&’s shareholding in Careem Technologies from 50.03 per cent to 37.53 per cent upon completion. The deal remains subject to regulatory approvals and customary closing conditions.
The stake sale comes after a period of rapid growth for Careem Technologies. According to e&, the company has accelerated revenue growth and expanded market share over the past two years, with gross transaction value (GTV) across its core services increasing almost fivefold.
Growth has been driven by momentum across several business verticals, including food delivery, quick commerce, subscription services and digital payments, further strengthening Careem’s position as a multi-service lifestyle platform in the UAE.
In a statement, e& said: “Our partial stake sale to Uber will allow Careem Technologies to benefit from Uber’s global technology experience and platform synergies, and position itself for the next phase of growth. This also reflects e&’s increased strategic focus on its core businesses and disciplined capital allocation priorities, while maintaining exposure to Careem Technologies and remaining aligned with its future growth trajectory. We will continue to work closely with management and fellow shareholders to support and promote the Company as a high-potential growth platform with attractive long-term prospects.”
As part of the agreement, e& has secured a put option that allows it to require Uber to purchase its remaining shares in Careem Technologies. Uber, meanwhile, holds a reciprocal call option that would allow it to require e& to sell its remaining stake.
The options can be exercised between December 1, 2031 and January 31, 2032.
Upon completion of the transaction, e& said it will change the accounting treatment of its remaining investment in Careem Technologies and account for it using the equity method under International Accounting Standard (IAS) 28.
The move reflects e&’s broader strategy of focusing capital allocation on its core telecommunications, digital services and technology businesses, while continuing to participate in the future growth of Careem through its retained minority stake.



















