Emirates Telecommunications Group Company has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' Middle East subsidiary, at a transaction cost of $400 million, e& said in a filing on Monday.
The ride-hailing business will be separated from the Careem Super App and will be fully owned by Uber, and the Careem 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&.and a deal could be announced soon.
Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services.
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