The UAE telecom-tech giant e& is picking up a majority stake in Careem Super App through a binding agreement with Uber Technologies.
Careem’s ride-hailing business will remain fully owned by Uber Technologies and continue to be available with all other Careem services on the existing app for customers.
e& is investing $400 million to be majority shareholder in Careem's Super App alongside Uber and all of Careem's co-founders.
The application offers around 12 services.
The Careem Super App offers food and grocery delivery, micro-mobility, a digital wallet and assorted fintech services, and other services such as home cleaning, car rental, and laundry.
Careem is operational in 10 countries across the Middle East, North Africa, and South Asia.
With the new investment, Careem plans to accelerate the realization of its ambitious vision to create the first 'everything app''. This will include expanding on the core food, grocery, and fintech services and the Careem Plus subscription program in the region while adding even more partner services to the app.
"Super apps have catalyzed the economic, social, and cultural growth of emerging markets today," said Hatem Dowidar, Group CEO of e&. "The popularity has come from the need to provide a unique and seamless customer experience."
"The mobile-first population has given rise to an ecosystem that has encouraged the use and also expanded the scope for super-apps with user expectations turned towards performing their daily activities on digital platforms."
"The Careem Super App, is a digital native that has built a rapidly growing payments, food, and grocery delivery network, and a platform for other digital businesses to scale from."
In a statement, Dara Khosrowshahi, CEO of Uber, said: "Careem helped revolutionize mobility across the greater Middle East while building an incredible brand. I am thrilled to partner with Careem, and welcome e&, as we grow the Careem super-app to deliver more services to millions of people in this fast-moving part of the world."
"All of us at Uber are excited about the impact the Careem platform will have on this region over the next decade and beyond."
Completion of the transaction remains subject to regulatory approvals, customary closing conditions, and administrative procedures.
