e& values its remaining Careem stake at less than half Uber's July price

DUBAI — e&'s newly published accounts carry its retained Careem Technologies stake at less than half the per-share price Uber paid in July, when it bought a 12.5 percent slice of e&'s holding for $100 million, FWDStart reports.

The trajectory is stark. Uber bought Careem outright for $3.1 billion in 2019. e& paid $400 million for 50.03 percent of the super-app spinout in April 2023. Uber re-entered the register in July 2026, and four months later the majority shareholder's own accountants are marking the position below that entry price, alongside a reported $122 million first-half operating loss at the Everything App.

Markdowns in strategic holders' accounts matter more than markdowns on cap tables. A majority shareholder repricing its own stake in published numbers is the closest thing private markets have to a public verdict, and it lands the same week Dubai's Silkhaus reportedly winds down.

The question is whether Uber's July cheque was price discovery or a courtesy. If e&'s accountants are right, it was the second one.

Watch e&'s next disclosure. A further write-down turns a markdown into a trend, and a trend is what forces a decision on the whole super-app thesis.

FWDStart reported the accounts reading.