E& HAILS A RIDE ON CAREEM – AND IT’S A WIN FOR UAE’S TECH SPACE: UAE’s e& (formerly Etisalat) sure is keeping the deal flow in the UAE tech space running at capacity. Having been part of the shareholder group that launched a digital bank – Wio – and then taking majority in Starzplay Arabia through an alliance with ADQ, e& in its latest deal has struck out on its own. This time, becoming the biggest shareholder in Careem Super App, a new entity spun out of the original ride-hailing version. e&, with its strengths in telecom, wants to be a full-fledged tech entity, with solid verticals across the board. As for Uber, it will still retain the whole of the ride-hailing Careem business, but gets an opportunity to monetise other aspects of the business. A win-win from any perspective. (By Manoj Nair, Business Editor)
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