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Emirates Telecommunications Group Company PJSC (e&) has signed a binding agreement with Uber Technologies to sell a portion of its stake in Careem Technologies for $100 million in cash.
Under the agreement, e& will divest 12.5% of its 50.03% holding in Careem. Following completion of the transaction, the telecom group will retain a 37.53% stake in the company.
The agreement includes reciprocal options between the two companies. e& holds a put option that allows it to require Uber to purchase its remaining shares in Careem, while Uber has a corresponding call option to acquire those shares. These options can be exercised during a defined window between December 1, 2031, and January 31, 2032.
The deal comes amid strong growth momentum at Careem, which has significantly expanded its market position in the UAE over the past two years. Gross transaction value (GTV) in Careem’s core services has grown nearly fivefold, driven by rapid expansion across segments including food delivery, quick commerce.
The deal remains subject to regulatory approvals and customary closing conditions.
(Writing by Brinda Darasha; editing by Daniel Luiz)
