e& (formerly Etisalat) has agreed to sell a 12.5% stake in Careem Technologies to Uber Technologies for $100 million in cash, reducing its ownership from 50.03% to 37.53% while allowing Uber to strengthen its control over the regional super app.
The binding agreement was announced on June 1, 2026. The transaction is subject to regulatory approvals and customary closing conditions. Upon completion, Uber will regain a controlling stake in Careem Technologies, reversing the 2023 deal in which e& had acquired majority ownership for $400 million.
The move allows the UAE telecom giant to realise part of its investment in Careem while retaining a significant minority stake of 37.53%. e& stated that the sale aligns with its strategy to optimise its portfolio, focus on core telecommunications and technology businesses, and maintain exposure to high-growth digital platforms.
The two parties have also agreed on reciprocal options regarding e&’s remaining shares, which can be exercised between December 2031 and January 2032.
For Uber, the transaction strengthens its position in one of its most important international markets. Careem operates as a super app across the Middle East, offering ride-hailing, delivery, payments, and other services. The additional capital and increased ownership will support Careem’s expansion plans and product development in the region.
Careem Technologies was spun out from Uber in 2023 as a separate entity focused on building a broader super app, with e& coming in as the majority investor at the time. This latest deal brings the ownership structure closer to Uber’s original vision while keeping e& as a key strategic partner.
This development reflects the evolving dynamics in the Middle East’s digital services market, where global players like Uber continue to consolidate their positions while regional investors like e& selectively adjust their portfolios for better capital efficiency.
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