By: Wael Elgafary – Mostafa Ibrahim
In a strategic move that represents a qualitative shift in the technology and communications market in the region, the Emirati Telecommunications Company “E&”, formerly known as Etisalat Group, announced the completion of an important acquisition deal worth $400 million, becoming the owner of 50.03% of the shares of “Careem Technologies”, the well-known company. “Careem” application for comprehensive services.
This step comes within the framework of E&’s endeavor to strengthen its digital portfolio and accelerate its transformation into a global technology group. Details of the deal were disclosed through the Abu Dhabi Securities Exchange (ADX), with the deal being financed through debt without any affiliations to related parties.
Under this acquisition, Careem Technologies now specializes in a variety of non-ride-sharing services, including food and grocery delivery, digital financial services via Careem Pay, mobility microservices such as Careem Bike, as well as multiple third-party services. .
This acquisition complements Careem's ride-sharing business, which remains fully owned by Uber, and reflects a broader trend in the telecommunications sector, as companies seek to integrate new technologies into their operations to expand customer reach and explore new revenue streams.
In the same context, “E&” announced in October a jump in net profits by 20% to reach $816 million during the third quarter of the year, which confirms the company’s strong growth in the technology sector.
