Tag: Careem

Egypt’s competition watchdog warns Uber and Careem could face up to $28 million in fines each for merger

Egypt’s competition watchdog warns Uber and Careem could face up to $28 million in fines each for merger

Business, Mobile
Egypt’s competition watchdog has warned Uber and Careem once again against the merger. The regulator, Egyptian Competition Authority, had first warned the two companies last month against a merger amid rumors about acquisition and merger talks between them. But this time, the authority has gone a step further and said that they could slap fines of up to 500 million EGP ($28 million) per infringement on each person relevant person (read: party) involved in the deal. Dr. Amir Nabil, Chairman of the Egyptian Competition Authority, in a statement issued last week, said, “Uber and Careem are the only ride-hailing applications available in Egypt. Any anticompetitive interaction or harmonization of their business strategies including agreement to merge has the potential to cause serious and ir