UAE’s e& takes $400 mln majority stake in ride-hailer Careem and Uber’s Tremendous App

The Tremendous App will likely be managed by Careem founders Mudassir Sheikha and Magnus Olsson, stated the corporate, previously often called Etisalat Group and now known as e&.

The ride-hailing enterprise will likely be separated from the Careem Tremendous App enterprise and will likely be absolutely owned by Uber, however will
nonetheless be obtainable on the tremendous app.

The deal will likely be financed from e&’s current money steadiness, and topic to regulatory approvals, customary closing situations and administrative procedures, e& stated within the submitting.

Reuters reported final month that talks with e& have been at a sophisticated stage and a deal might be introduced quickly.

Careem started searching for exterior buyers final yr to assist finance its Tremendous App, which gives providers exterior its core
ride-hailing enterprise comparable to meals supply, bike leases, digital funds and courier providers.

Etisalat rebranded to e& in June final yr as the bulk state-owned telco firm launched into a brand new technique to place itself as a worldwide know-how and funding conglomerate.

E& stated the transaction matches into its personal ambitions to scale up client digital choices and would enable the corporate to
make the most of the app to spice up the expansion of its client digital providers.

Uber and Careem’s co-founders Sheikha, Olsson, and Abdullah Elyas have the remaining stakes within the tremendous app, a Careem spokesperson stated.