Emirates Telecommunications Group Company PJSC, known as e&, has signed a binding agreement with Uber Technologies to sell part of its stake in Careem Technologies, marking a new phase in the ownership structure of one of the region’s most closely watched digital platforms.
Under the agreement, e& will sell a 12.5 percent shareholding interest in Careem Technologies to Uber for a total cash consideration of $100 million, reducing its stake from 50.03 percent to 37.53 percent after completion.
The transaction remains subject to regulatory approval and customary closing conditions. Once completed, e& will retain a 37.53 percent ownership position in Careem Technologies, leaving the Abu Dhabi-listed group with a sizeable minority stake in the company.
The partial sale gives Uber a larger economic interest in Careem Technologies while allowing e& to keep exposure to the platform’s future growth. The structure also suggests that both shareholders are preserving flexibility over the longer term, with agreed options covering e&’s remaining shares several years from now.
The agreement comes against a broader backdrop of Uber activity across mobility and delivery, including separate takeover discussions involving Delivery Hero. The Careem transaction is distinct, but it adds another point of focus around Uber’s position in app-based regional platforms.
Agreement Sets Future Share Sale Window
Beyond the $100 million cash payment, the agreement includes reciprocal options between e& and Uber over e&’s remaining stake in Careem Technologies.
e& has a put option that gives it the right to require Uber to purchase its remaining shares in Careem Technologies. Uber, in turn, holds a reciprocal call option that gives it the right to require e& to sell those shares.
The options are exercisable between Dec. 1, 2031, and Jan. 31, 2032. That timeline gives both sides several years to assess Careem Technologies’ performance, market position and strategic value before deciding whether the ownership structure should change further.
Such an arrangement can help reduce uncertainty around a future exit or consolidation of ownership. It also allows e& to realize part of its investment now while keeping a defined mechanism for a possible later sale of the remaining stake.
Careem Momentum Underpins the Agreement
e& said Careem Technologies has accelerated revenue growth over the past two years and gained market share in the UAE. The company also said gross transaction value, or GTV, in core services grew almost fivefold during that period.
The growth was driven by momentum across several Careem segments, including Food, Quik, Plus and Pay. e& described the business as a high-growth lifestyle multi-vertical platform.
That framing is important because the transaction is not presented as a full exit. e& is selling only part of its holding and will remain invested in the company after closing. The retained stake gives e& continued exposure to Careem Technologies, while the partial sale allows it to return some capital and adjust its position.
e& said the transaction would allow Careem Technologies to benefit from Uber’s global technology experience and platform synergies. The company also said the move would position Careem Technologies for its next phase of growth.
The language points to a transaction designed around both ownership and operating alignment. Uber’s larger position may strengthen its role in Careem Technologies, while e& remains a major shareholder with an interest in the company’s long-term development.
Deal Highlights Focus on Capital Efficiency
The sale also reflects e&’s stated focus on core businesses and disciplined capital allocation. The company said the transaction aligns with its priorities while allowing it to maintain exposure to Careem Technologies and its future growth trajectory.
That balance sits at the center of the announcement. e& is reducing its ownership stake, but not stepping away from the business. The retained 37.53 percent position keeps it tied to Careem Technologies’ performance, while the $100 million cash consideration gives the group an immediate financial return from part of its investment.
e& will continue to work closely with management and fellow shareholders to support and promote Careem Technologies as a high-potential growth platform with attractive long-term prospects.
Accounting Method to Shift After Closing
e& said that, once the transaction is completed, it will amend the accounting treatment of Careem Technologies to the equity method under IAS 28.
That change is significant from a reporting perspective because it reflects how e& will account for its remaining investment after reducing its ownership position.
The agreement is binding, but the transaction has not yet closed. e& said completion remains subject to regulatory approval and customary closing conditions.
The company added that it will keep the market updated if there are any material developments. Until those approvals and conditions are satisfied, e& will continue to hold its current stake.
Once finalized, the deal will leave Uber with an increased position in Careem Technologies and e& with a reduced but still substantial minority holding. The arrangement also creates a possible path for Uber to acquire e&’s remaining shares, or for e& to require Uber to buy them, during the agreed option window at the end of 2031 and beginning of 2032.
