Uber returns to majority control of Careem's super app
On June 1, 2026, Emirates Telecommunications Group, the Abu Dhabi operator known as e&, signed a binding agreement to sell a 12.5 percent stake in Careem Technologies to Uber for 100 million dollars in cash. The transaction hands the American ride-hailing company a controlling position in the Dubai super app it once owned outright, and it adds another turn to a partnership whose ownership has shifted repeatedly since 2019.
What changes hands, and what stays put
The stake being sold sits inside Careem Technologies, the super app business that runs food delivery, grocery, digital payments and a range of other in-app services. Careem's original ride-hailing operation is a separate asset that Uber already owns in full, so the new deal is about the consumer technology layer rather than the cars on the road. Once the sale closes, e& will hold 37.53 percent of Careem Technologies, down from the 50.03 percent majority it controlled going into the agreement, as Gulf News reported.
A partial reversal of the 2023 deal
e& had bought its majority of the super app unit for 400 million dollars in December 2023, in a deal that itself came from Uber. Selling 12.5 percent back for 100 million dollars now values the slice at a sharp premium to the implied 2023 entry price, a signal that both sides see the super app as worth more after two years of build out across the Gulf. The telecom group keeps a substantial minority and a board voice, while Uber regains the steering wheel on product direction.
The exit ramp both sides wrote in
The agreement comes with a put option that lets e& require Uber to buy its remaining shares, and a matching call option that lets Uber require e& to sell. Both options sit in a defined window between December 1, 2031 and January 31, 2032, as Bloomberg Law noted. That structure gives e& a clear path to a full cash exit later this decade while letting Uber plan for complete ownership on a known timetable.
Why it matters for Gulf tech
Careem remains one of the most widely used consumer apps in the region, and control of its payments and delivery stack carries weight as Gulf operators compete to own the daily digital habits of customers. The deal still needs regulatory approvals and customary closing conditions before it completes, and reporting from The Circuit frames it as part of a broader tightening of Uber's grip on the super app model in emerging markets.
