Uber Technologies (UBER) agreed to acquire a 12.5% portion of Emirates Telecommunications' 50.03% stake in Careem Technologies for $100 million in cash, the telecommunications company said Monday.

Emirates Telecommunications said it will retain a 37.53% stake in Careem following the deal.

The deal includes future put and call options, allowing either party to initiate additional stake sales between December 2031 and January 2032, Emirates Telecommunications said.

The transaction would also strengthen Careem's access to Uber's global technology and support its next phase of growth, the company said.