Emirates Telecommunications Group will buy a $400-million stake in the super app developed by Uber Technologies Inc.’s Middle Eastern subsidiary, as part the Abu Dhabi-based firm’s attempts to reinvent itself as a global technology investor. Know more:
Emirates Telecommunications Group will buy a $400-million stake in the super app developed by Uber Technologies Inc.’s Middle Eastern subsidiary, as part the Abu Dhabi-based firm’s attempts to reinvent itself as a global technology investor.
Uber, which acquired Careem in 2020, will remain a shareholder in the new entity and will continue to own all of Careem’s ride-hailing business. All three of Careem’s co-founders will also be shareholders in the super app. Careem started raising funds for its super app over a year ago, Bloomberg previously reported. But since then, technology firms have found it more difficult to attract investment after rising interest rates marked the end of cheap money.
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