fbpx
Read Watch
Money

E& Concludes Acquisition 50.03% Stake in Careem 

This acquisition complements Careem's rideshare business
by WAYA Staff - Dec 11, 2023
E& Concludes Acquisition 50.03% Stake in Careem 
  •  E& successfully acquires a 50.03% stake in Careem Technologies, the Careem Everything App, for $400 million, aligning with its strategic goal to enhance consumer digital offerings and evolve into a global technology powerhouse.
  • The transaction details, revealed on the Abu Dhabi Securities Exchange (ADX), indicate the acquisition is debt-financed and devoid of affiliations with related parties.
  • Careem Technologies, now a newly established entity, specializes in diverse non-rideshare services, including food and grocery delivery, fintech via Careem Pay, micro-mobility through Careem Bike, and various third-party services. This acquisition complements Careem’s rideshare business, still fully owned by Uber.
  • In October, e&, formerly known as the Etisalat Group, reported a notable 20% increase in net profit, reaching $816 million during the third quarter.





E& has completed the acquisition of a 50.03% stake in Careem Technologies, recognized as the Careem Everything App, for a total of $400 million, according to media reports.

This strategic step by the UAE telecom operator is in alignment with its objective to elevate its consumer digital offerings and hasten its evolution into a global technology conglomerate. 

The details of the transaction were disclosed on the Abu Dhabi Securities Exchange (ADX) and are funded through debt, with no affiliations to related parties.

Careem Technologies, now a newly established entity, specializes in non-rideshare services, encompassing food and grocery delivery, fintech facilitated by Careem Pay, micro-mobility through Careem Bike, and various third-party services. 

This acquisition complements Careem‘s rideshare business, which continues to be fully owned by Uber.

It also reflects a larger trend in the telecommunications sector, as companies integrate new technologies into their operations to expand customer reach and explore supplementary revenue streams.

In October, e&, previously recognized as the Etisalat Group, announced a 20% surge in net profit to $816 million during the third quarter.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Recommended stories

ADNOC Grants $1 Million Battery Technology Pilot to Revterra

ADNOC's overarching goal is to reduce the carbon intensity of its operations by 25 percent by 2030.
by WAYA Staff - Dec 10, 2023
ADNOC Grants $1 Million Battery Technology Pilot to Revterra

Revterra’s Triumph: Revterra, a Houston-based battery technology innovator, secures a $1 million piloting opportunity from ADNOC after winning a global competition with 650 applicants from 50 countries.  Strategic Collaboration: ADNOC Executive Director for Low Carbon Solutions and International Growth, Musabbeh Al Kaabi,...

Read More

Lendo Secures $28M in Series B Funding Led by Sanabil Investments

Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year.
by WAYA Staff - Dec 10, 2023
Lendo Secures $28M in Series B Funding Led by Sanabil Investments

  Lendo, a Shariah-compliant debt crowdfunding platform in Saudi Arabia, secures $28 million in Series B funding, led by Sanabil Investments, a wholly-owned company of the Public Investment Fund (PIF), with participation from Shorooq Partners, AB Ventures, and other investors....

Read More

Blink Secures $2.1 Million Seed Funding Round and Revolutionizes Restaurant Industry

The funds will propel the company's growth in Saudi Arabia, the GCC region's fastest-growing market.
by WAYA Staff - Dec 8, 2023
Blink Secures $2.1 Million Seed Funding Round and Revolutionizes Restaurant Industry

Blink has concluded a $2.1 million Seed funding round, drawing support from notable investors such as 500 Global and Global Founders Capital, along with existing backers like Orbit Startup/SOSV, according to a company statement. Revolutionizing the restaurant landscape, Blink empowers...

Read More

Meta Platforms Initiates Full Encryption for Facebook and Messenger

With this recent change, messages will be automatically encrypted by default, ensuring heightened privacy for users.
by WAYA Staff - Dec 7, 2023
Meta Platforms Initiates Full Encryption for Facebook and Messenger

•  Full Encryption Rollout: Meta Platforms (META.O) has initiated the implementation of end-to-end encryption for all personal chats and calls on its Messenger and Facebook platforms, enhancing the security of user communications. •  Ongoing Implementation: The end-to-end encryption feature has...

Read More

Gulf Telecom Giants Zain, Ooredoo, and TASC Forge $2.2 Billion Regional Tower Powerhouse

The transaction is slated for completion in 2024, contingent upon securing all requisite regulatory approvals.
by WAYA Staff - Dec 6, 2023
Gulf Telecom Giants Zain, Ooredoo, and TASC Forge $2.2 Billion Regional Tower Powerhouse

•  Mega Merger: Zain Group, Ooredoo, and TASC Towers Holding have formally agreed to merge their tower assets in a substantial $2.2 billion cash-and-share deal.  •  Equitable Stake Distribution: The new entity, targeted to reach a $2.2 billion enterprise value, will materialize...

Read More

Omniful Raises USD5.85 Million Seed round for MEA, India expansion

The platform ensures real-time inventory management across diverse integrated sales channels.
by WAYA Staff - Dec 5, 2023
Omniful Raises USD5.85 Million Seed round for MEA, India expansion

Omniful, the cloud platform focused on hyperlocal and omnichannel commerce, has secured an impressive $5.85 million in its seed funding round, led by VentureSouq.  Founded in 2021 by Mostafa Abolnasr and Alankrit Nishad, the platform ensures real-time inventory management across diverse...

Read More

Mtor Secures US2.8 Million in Pre-seed Round

Mtor aims to simplify and accelerate mechanics' workflows by delivering faster.
by WAYA Staff - Dec 5, 2023
Mtor Secures US2.8 Million in Pre-seed Round

•  Mtor, Egypt’s online auto parts marketplace, announced a successful $2.8 million pre-seed funding round led by Algebra Ventures. •   The startup employs sophisticated tech solutions to revolutionize the fragmented supply chain. The platform’s focus is on simplifying and accelerating mechanics’ workflows...

Read More

Masdar Expands European Footprint with Acquisition of 1GW Renewable Portfolio in Poland

This marks a significant enhancement of Masdar's European portfolio.
by WAYA Staff - Dec 5, 2023
Masdar Expands European Footprint with Acquisition of 1GW Renewable Portfolio in Poland 

•  Masdar’s collaboration with Taaleri Energia in acquiring eight hybrid renewable energy projects from Domrel in Poland signifies a strategic move for both companies. •  The acquired projects, incorporating a mix of solar photovoltaic and onshore wind technologies, are poised...

Read More