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.
