With e&, the largest telecom company in the UAE, Careem, a Middle Eastern affiliate of Uber, is in the final stages of discussions to seek an investment for its Super App.
In order to promote its Super App, which provides services other than ride-hailing like food delivery, bike rentals, digital payments, and courier services, Careem started looking for investors last year.
According to Reuters, the talks between Careem and e& are advanced, and a declaration regarding the agreement might be made soon.
It is unknown how much precisely Careem plans to borrow from e& and whether more investors will take part in the transaction. But, a separate corporation has reportedly been set up by the ride-hailing company to oversee the transaction.
Careem has continued to operate under its own brand and app while expanding its services throughout the Middle East and Pakistan since being acquired by Uber in 2019 for $3.1 billion.
Mudassir Sheikha, the CEO of Careem, has been outspoken about his intentions to advance the Super App approach in order to expand the company. After ending its Uber Eats business in 2020, Uber switched its focus in the UAE to ride-hailing.