Careem to Attract Major Funding From UAE’s largest Telco e&

Careem, Uber’s Middle Eastern subsidiary, is in the final phases of negotiations with e&, the largest telecom company in the UAE, to obtain investment for its Super App. Careem began seeking investors to back its Super App in 2022. The Super app offers services besides ride-hailing, including food delivery, bike rentals, digital payments, and courier services, in the previous year. Careem is a famous transportation network company based in Dubai that operates in more than 100 cities in 14 countries in the Middle East, Africa, and South Asia regions.

Since Uber’s $3.1 billion acquisition of Careem in 2019, the company has continued to operate under its own brand and app. Since then, the company has also expanded its services across the MENA region and Pakistan.

According to a source, the negotiations between Careem and e& have reached an important stage, and an announcement regarding the deal may be made in the near future. The precise amount that Careem plans to raise from e&, and the possibility that additional investors will participate in the deal, is unknown. Though, reports indicate that the ride-hailing company has created a separate entity to manage the deal.

Mudassir Sheikha, the chief executive officer of Careem, has been vocal about his intentions to implement the Super App strategy to expand the company. After terminating its Uber Eats operations in the UAE in 2020, Uber has transferred its focus to the ride-hailing service.

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