Emirates Telecommunications Group Company (Etisalat by e&) announced that it would acquire a $400 million stake in the Super App developed by Uber Technologies and its subsidiary Careem.
The move will make e& a majority shareholder in Careem’s Super App, Uber, and all three of Careem’s co-founders. Super apps offer customers various services on one platform, from food delivery to financial services.
Careem’s Super App includes a dozen services, such as food and grocery delivery, remittances, and third-party services like laundry.
Careem plans to use the new funds to expand its services across the Middle East region. The company anticipates significant synergies with e& and expects to benefit from e&’s extensive experience scaling complex tech-enabled businesses across a largely shared geographic footprint.
Current strengths primarily lie in fintech and multimedia, which will be coupled with Careem’s services and regional footprint to accelerate “our joint vision towards a regional super app,” according to Khalifa Al Shamsi, CEO of e& Life.
The partnership between e&, Careem, and Uber will set new standards of product innovation and customer experience throughout the region.
 is set to acquire a majority stake in Careem’s Super App with a $400 million investment. The Super App offers a range of services on one platform, from food and grocery delivery to financial services.){kind=link}