Ride-hailing major Uber has sold its stake worth $400 million in Careem, the Middle East-based ride-hailing company that it bought in 2019, to boost its super app business.Careem will spin out its super app business into a new venture backed .
The United Arab Emirates is finding more strategic places to park its cash. On Monday, $55 billion Emirates Telecommunications (e&), majority owned by the Gulf state, revealed it is splurging $400 million to scoop up a 50% stake in a so-called “super app” managed by Careem, Uber Technologies’ Middle Eastern subsidiary. The telecoms giant’s purchase follows a $4.4 billion investment in Vodafone in May last year. It’s a way to advance an ambition, revealed last June, to be a technology and investment powerhouse.
Most stock markets in the Gulf were mixed in early trade on Monday after U.S. jobs data pointed to a tight labour market, firming up expectations that the U.S. Federal Reserve will raise interest rates at its meeting next month.