News

e& To Become A Major Stakeholder In The Careem Super App

e& will invest $400 million into the Careem Super App, in line with plans to transform the brand into a global technology and investments group.

Published

2 years ago

April 10, 2023

Nour Nasir

Careem

e& has announced a new $400 million deal with Uber, and its local subsidiary Careem. The technology and investment group will acquire a majority stake in the Careem Super App, though the ride-hailing service will remain in Uber’s ownership and continue to offer its existing food delivery, micro-mobility, and fintech services to customers across the MENA region.

“We are excited to bring e& into the family. Their passion for uplifting the region and the synergies across their portfolio is extremely valuable. With two strong partners in e& and Uber, I have no doubt that we will build the preeminent technology platform of the region,” says Mudassir Sheikha, Careem CEO, and co-founder.

Careem will use the investment to expand core services and the Careem Plus subscription program, with the aim of becoming North Africa and the Middle East’s “everything app”.

Careem expects significant benefits from the e& partnership, including access to a customer base of 163 million subscribers across 16 countries. The investment will also unlock e&’s extensive experience in scaling complex tech ventures into new regions.

Also Read: A Guide To Digital Payment Methods In The Middle East

“The shared vision between e& and Careem is exciting, and we believe that together we’ll be able to enhance our impact across different markets in the region while pushing the boundaries of customer experience,” says e& Group CEO Hatem Dowidar.

Since being acquired by Uber in 2020, Careem has evolved into a multi-service app offering more than 12 individual services. Since the COVID-19 pandemic, UAE food delivery subsidiary Quik has grown 46X, with orders increasing by 86%. Meanwhile, micro-mobility service Careem Bike saw gains of 61%, while the company also brought new third-party services under its umbrella, including rental cars, spas, and laundry services.

Completion of the latest deal with e& will see even more comprehensive services offered, though the investment is still subject to regulatory approval and other administrative procedures.

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

23 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.