Careem Egypt, the leading internet platform in technology and smart transport services, announced its investment strategy and vision in the Egyptian market for 2022.
Uber'sspokesperson stated thatUberwelcomedthe Egyptian Competition Authority's decision to approve Uber's pending acquisition of Careem.
Uber bought Careem for $3.1 billion in March in a deal expected to close in January.
The biggest players are Careem and Uber, which had its IPO in May and posted a wider third-quarter loss on Monday as it tries to outspend competitors.
Both parties will not implement the agreement until ECA renders a final decision.
The company would receive SAR 565 million in cash, as well as the acquisition of convertible bonds at Uber for SAR 685 million.
The transaction is expected to close in Q1 2020.
Egypt's top administrative court on Saturday lifted a ban on operations by ride-hailing companies Uber and Careem.
The two companies affirmed in their appeal that their applications were legal and licensed by the Investment Ministry.
Careem works in 14 governorates in Egypt, including Cairo, Alexandria and a number of Delta and Canal governorates.
According to Uber, this step comes within the framework of the company’s plan to pump investments in Egypt by $100 million within 5years.
The Egyptian Competition Authority (ECA) denied on Monday media reports that contracts were concluded to transfer the ownership of ride-hailing Careem to Uber.
The Higher Administrative Court examines on Saturday appeals filed by Uber and Careem against a previous ruling to halt both firms' ride-hailing services in Egypt.
As urban development continues to be an important national topic of discussion in Cairo’s streets, private companies are starting to take essential investment decisions to allow flexibility to travelers.
In discussions with Careem, Uber has said that it would need to own more than half of the combined company, if not buy Careem outright, according to the report.
After a court case raised by taxi drivers to ban the car-hailing apps got rejected, cabbies speak out on just why they can neither beat them, nor join them.
The Higher Administrative Court set June 2 to consider an appeal filed by Uber and Careem against a previous ruling to halt both firms' activities in Egypt.
Ride –hailing company “Careem” issued a statement Monday regarding the new bill passed recently by the Egyptian House of Representatives.
The House of Representatives enacted on Monday the law for regulating ride-hailing apps like Uber and Careem.
The House of Representatives approved Sunday a draft of regulating the ride-hailing apps, like Uber and Careem.