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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

UAE’s e& buys $400 million controlling share in Careem’s Super App.

Photo Credit: Alamy Photo Credit: Alamy
Photo Credit: Alamy Photo Credit: Alamy

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On Monday, e& said that Emirates Telecommunications Group Company (EAND.AD) would pay $400 million for a 50.3% stake in Careem’s nifty app.

Mudassir Sheikha and Magnus Olsson, the founders of Careem, would manage the Careem Super App. Uber will also own ride-hailing.

Reuters reported last month that e& was near a deal.

Last year, Careem sought investors for their Super App, which offers food delivery, bike rentals, digital payments, and courier services.


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