Emirates Telecom Group will buy a $400 million stake in SuperApp, developed by Careem, the Middle Eastern subsidiary of Uber Technologies Inc., as part of the company’s efforts to reposition itself as a global technology investor, Bloomberg reported.
The telco giant, which is also the largest investor in Vodafone Group Plc, signed a binding agreement with Uber and its regional subsidiary, Careem, to acquire a 50.03% stake in the SuperApp spin-out, according to a statement.
Uber acquired Careem in 2020 and will remain a shareholder in the new entity and will continue to own all of Careem’s ride-hailing business. All three co-founders of Careem will also be shareholders in Super App.
Super apps provide a wide range of services from food delivery to financial services to customers on a single platform.
Careem is available in 10 countries across the Middle East, North Africa, and South Asia. The company will use the new funds to expand its services across the region.
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