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Uber’s Careem in advanced talks with UAE’s e& for Super App investment

Mars, 29 2023
watermark Economic news

The Emirati firm Careem, a subsidiary of Uber Technologies in the Middle East, has begun preliminary talks with Emirates Tele Communications Group Company (e&) about investing in expanding its services beyond taxi ordering.


Careem started looking for outside investors last year to increase funding for its Super app, which, in addition to calling a taxi, offers food delivery services, bicycle rental, digital payments and courier services.


Recall that Uber bought Careem with headquarters in Dubai in 2019 for $3.1 billion, which was a turning point for technology companies in the UAE and the region. At the same time, it gave the American company dominance in the Middle East and Pakistan market before its initial public offering in the same year, which attracted $8.1 billion from investors and boosted the company's value to $82.4 billion.


The negotiators report that Careem's negotiations with Emirates e& are at an advanced stage, and a deal may be announced in the near future.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.