Uber Technologies' Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group Company to invest in its expansion into services beyond ride-hailing, five sources with knowledge of the matter told Reuters.
to invest in its expansion into services beyond ride-hailing, five sources with knowledge of the matter told Reuters.
Careem's discussions with the company, formerly known as Etisalat Group and now called e&, are at an advanced stage and a deal could be announced soon, said the sources, declining to be named because the matter is not public. It was not immediately clear how much Careem would raise from e&, or whether other investors would also come on board, however one of the sources said the ride-hailing firm has set up a separate entity to structure the deal.
Uber bought its Dubai-headquartered rival Careem, which operates predominantly in the Middle East, for $3.1 billion in 2019 in a watershed moment for technology firms in the UAE and the region, keeping the brand and app intact.
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