It aims to accelerate the development of the company and create a distinct regional application
Today, Monday, the “Emirates Telecom” group &e announced its acquisition of a 50.03% stake in the “Careem” application, with an investment value of $ 400 million.
In a statement to the Abu Dhabi Financial Market, the&e Group said that its investment in Careem will accelerate the company’s development and create a distinct regional application.
She added that Careem’s taxi services business, which is wholly owned by Uber, will be separated from the careem super App, while it will remain a shareholder in the app.
The investment value of $400 million will be financed from the existing cash balance, and the transaction is not related to related parties.
The &e Group stated that, despite the expected slight financial impact on the business results and the financial position of the group, it provides an important opportunity for growth and diversification of revenues in the long term.
