DUBAI, March 28 (Reuters) - Uber Technologies' (UBER.N) Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group Company (EAND.AD) to invest in its expansion into services beyond ride-hailing, five sources with knowledge of the matter told Reuters.
Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services.
While Uber owns Careem's app and its around 50 million registered users, the newly-created investment vehicle will have a service level agreement with the app and its solutions, the source said.
Careem's co-founder and Chief Executive Mudassir Sheikha, a former McKinsey executive, has long been a proponent of the Super App strategy to expand beyond ride-hailing.
Uber, which shut down its Uber Eats operations in the Middle East in 2020, is focused on ride-hailing in the UAE.