Shulou(Shulou.com)11/24 Report--

On the afternoon of April 10, Beijing time, it is reported that Careem, a ride-hailing service owned by Uber, today announced a divestiture plan to sell more than 50 per cent of the company for $400m (currently about 2.748 billion yuan).

Today, Abu Dhabi-based technology holding company E & (formerly Etisalat, United Arab Emirates Telecom) signed a binding agreement with Uber to invest $400m to acquire a 50.03 per cent majority stake in divested Careem.

Careem is headquartered in Dubai, and in March 2019, Uber announced that it would acquire Careem for $3.1 billion (currently about 21.297 billion yuan). In January 2020, Uber completed the transaction and Careem became a wholly owned subsidiary of Uber and continued to operate and manage as an independent brand.

After the deal is completed, Uber will continue to own Careem's ride-hailing business. It is not yet known that Uber will own a stake in the overall business of Careem after the spin-off.

In the future, Careem will focus on the development of the company's "super applications" (Super App). The so-called "super app" provides dozens of services in an app, such as car hailing, delivery, food delivery, digital payment and remittance, bicycle rental, laundry and cleaning services, and event ticket booking.

"E & will invest $400m to become a major shareholder in Careem' Super Apps, along with the three co-founders of Uber and Careem," e& said in a statement. "this investment will greatly promote Careem to become the goal of the first 'super app' in the entire Middle East."

Founded in Dubai in 2012 by co-founder and CEO Mudassir Sheikha, Careem has grown from a ride-hailing company to a "super app" platform. Currently, Careem operates in more than 80 cities in 10 countries, with users in the Middle East from Morocco to Pakistan.

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