UAE's e& invests $400 million in Careem Super App spinout.
Abu Dhabi-based tech holding company e& has acquired a 50.03% majority stake in Careem Technologies, a spinout of Uber-owned ride-hailing service Careem, with a $400m investment. Careem Technologies will focus on the growth of the company's "super app," which offers dozens of services beyond ride-hailing in one app. Careem's ride-hailing business remains fully owned by Uber. The investment will significantly accelerate Careem's goal to create "the first 'everything app' for customers across the Middle East," the firm wrote.