Emirates Telecommunications Group Company PJSC (e&) has signed a binding agreement with Uber Technologies to sell a portion of its Careem Technologies shareholding for $100 million in cash.
Under the agreement, e& will divest 12.5% of its 50.03% stake in Careem. As a result, the group will retain a 37.53% ownership interest following completion of the transaction.
The deal also includes reciprocal future purchase rights between the two companies. Under the terms, e& holds a put option that entitles it to require Uber to acquire its remaining Careem shares. Conversely, Uber holds a call option allowing it to purchase those shares. Both options may be exercised during the period from December 1, 2031, to January 31, 2032.
Transaction follows strong growth at Careem
The agreement comes as Careem continues to strengthen its position in the UAE market. Over the past two years, the company has recorded significant growth across its core business segments.
Gross transaction value (GTV) in Careem’s core services has increased nearly fivefold, driven by rapid expansion across food delivery and quick commerce. Consequently, the platform has broadened its presence across multiple consumer service categories.
The transaction remains subject to regulatory approvals and customary closing conditions before completion.
