Uber sells $400m stake in Careem super app business

Careem, the Middle East-based ride-hailing company that Uber bought in 2019, is spinning out its super app business into a new startup backed with $400 million from Emirates Telecommunications Group Company.
Emirates Telecommunications, the UAE telco giant that is now known as e&, said Monday it reached an agreement with Uber to buy a 50.03% stake in the new company called Careem Technologies.
Following the deal, Careem will be broken into two companies, Careem Rides and Careem Technologies, according to a blog post from Careem CEO and co-founder Mudassir Sheikha.
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