Careem Technologies has published its first financial results: revenue of AED 884 million ($241 million) in the first half of 2026, up 20 per cent year on year, and an operating loss of AED 447 million ($122 million), wider by about 28 per cent.
The figures appear in the H1 results of UAE telecom group e&, which owns 37.53 per cent of Careem Technologies and now classifies it as a discontinued operation. Careem Technologies is the super app — food and grocery delivery, digital payments, courier and other consumer services. The ride-hailing business stayed with Uber.
| Metric | H1 2026 | vs H1 2025 |
|---|---|---|
| Revenue | AED 884M ($241M) | +20% |
| Operating loss | AED 447M ($122M) | +~28% |
| Average monthly loss | ~$20M | — |
Inside Careem’s first financial results
Until now the economics of the region’s flagship super app were private. The numbers say demand is growing and the bill for it is growing slightly faster: roughly $20 million of operating loss a month, spread across food, grocery, payments and courier.
For founders and operators building similar platforms across MENA, this is a rare public benchmark for what a diversified consumer ecosystem costs. Growth attracts users; it has not yet attracted operating leverage.
Uber is back in charge
In June, e& agreed to sell a 12.5 per cent stake in Careem Technologies to Uber for $100 million, restoring Uber as majority owner at 62.47 per cent. The deal implied a valuation of about $800 million — roughly where e&’s $400 million entry for 50.03 per cent in April 2023 valued the business.
Careem was founded in Dubai in 2012 by Mudassir Sheikha and Magnus Olsson, and Uber bought the ride-hailing company outright in 2020 for $3.1 billion. The super app split off after that; the founders still run it. The “discontinued operation” label is e& accounting for an exit in progress, which is a fair reading of the last three months.
What the numbers mean for the UAE
Careem is the closest thing the region has to a homegrown super app, and its first public numbers double as a status report on that model. The app is still adding services — Careem Box XL now handles large deliveries in Dubai — while Uber’s regional strategy carries most of the weight behind it.
The next chapter is execution, not ownership: Uber has the majority, e& has an exit path, and the question is whether a $20-million-a-month burn rate eventually buys the operating leverage that the current numbers do not show.
Why are Careem’s financials public now?
Careem is a private company, but e& owns 37.53 per cent of Careem Technologies and discloses its share of the business in e&’s own accounts. The June stake sale to Uber prompted the first detailed look at the super app’s numbers.
Who owns Careem?
Uber owns 62.47 per cent of Careem Technologies (the super app), with e& at 37.53 per cent. Uber has owned the ride-hailing business outright since 2020.
Is Careem profitable?
No. Careem Technologies posted an operating loss of about AED 447 million ($122 million) in the first half of 2026, on revenue of AED 884 million ($241 million).
What does “discontinued operation” mean for Careem?
e& now classifies Careem Technologies as a discontinued operation — the accounting treatment for a business the company plans to exit. Its results are reported separately from e&’s continuing operations.
How much is Careem worth?
The June transaction, in which e& sold a 12.5 per cent stake to Uber for $100 million, implied a valuation of about $800 million for Careem Technologies — excluding the ride-hailing business, and roughly flat on e&’s 2023 entry valuation.
What is Careem Technologies?
The super app: food and grocery delivery, digital payments, courier and other consumer services. Careem’s ride-hailing operations are separate and remain under Uber.
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