UAE’s e& has announced the signing of a binding agreement to acquire 50.3 percent stake in a super app managed by Careem, Uber Technologies‘ Middle East subsidiary for $400 million, the telecommunication company said in a filing on Monday.
Careem Super App offers over a several services, including food and grocery delivery, micro-mobility, a digital wallet and suite of fintech services, and additional third-party services such as home cleaning, car rental and laundry.
Under the agreement, the ride-hailing business will be separated from the Careem Super App business and will be fully owned by Uber, but will still be available on the super app.
The super app will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, formerly known as Etisalat Group and now called e&.
e& noted that the deal comes in line with its ambitions to upgrade digital consumer offerings and accelerate its transformation into a global technology and investment group.