UAE’s Emirates telecom to invest $400m for majority stake in Careem’s Super App

Emirates Telecommunications Group Company (etisalat by e&) announced on Monday its decision to buy a $400 million stake in the Super App developed by Uber Technologies and its subsidiary Careem. With this move, e& will become a majority shareholder in Careem’s Super App alongside Uber and all three of Careem’s co-founders, a statement issued by the ride-hailing company said. Super apps offer customers a range of services from food delivery to financial services on one platform. Careem’s Super App includes a dozen services including food and grocery delivery, remittances and third-party services such as laundry. Careem, which is currently available in 10 countries, said it will use the new funds to expand its services across the region. The company said it expects significant synergies with e& and anticipates benefiting from e&’s large customer base and extensive experience scaling complex tech enabled businesses across a largely shared geographic footprint.