{"id":553539,"date":"2021-12-07T03:59:39","date_gmt":"2021-12-07T03:59:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/"},"modified":"2021-12-07T03:59:39","modified_gmt":"2021-12-07T03:59:39","slug":"is-uber-planning-to-sell-a-stake-in-careem","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/","title":{"rendered":"Is Uber planning to sell a stake in Careem?"},"content":{"rendered":"

<\/a> Is Uber planning to sell a stake in Careem?<\/strong> Uber is in talks with its Middle East unit Careem to \u201cbring outside investors\u201d into the business, Reuters<\/a> reports, citing sources in the know. It\u2019s so far unclear what the size or structure of the investment would be, but the sources said Uber would remain a shareholder \u201cwhile giving Careem\u2019s management greater decision-making power.\u201d The investment would support the roll-out of Careem\u2019s planned foray into food delivery, digital payments and courier services and could eventually lead to a public listing. Uber bought Careem in a USD 3.1 bn transaction two years ago.<\/p>\n

ACWA Power is getting USD 2 bn from the French Natixis bank: <\/strong>The Saudi renewables company signed an MoU with Natixis Corporate & Investment Banking to work together on advancing ACWA\u2019s projects in the region, the bank said in a statement<\/a>. The MoU includes a USD 2 bn financing target from the bank over two years to fund the company\u2019s upcoming projects.<\/p>\n

There\u2019s an Egyptian project in the pipeline: <\/strong>ACWA is working on a 200 MW Kom Ombo solar power plant<\/a> and had previously expressed interest<\/a> in Egypt\u2019s investment in desalination infrastructure. The company also has minority stakes in three plants in Benban and an upcoming project with the Egyptian Electricity Transmission Company to convert an electricity plant in Luxor to renewable energy.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,515<\/p>\n<\/td>\n

\n

+1.0% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,021<\/p>\n<\/td>\n

\n

-1.1% (YTD: +26.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,999<\/p>\n<\/td>\n

\n

+2.6% (YTD: +78.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,162<\/p>\n<\/td>\n

\n

+2.4% (YTD: +26.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,592<\/p>\n<\/td>\n

\n

+1.2% (YTD: +22.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,232<\/p>\n<\/td>\n

\n

+1.5% (YTD: +12.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 69.81<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.70<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,782.30<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 50,700.83<\/p>\n<\/td>\n

\n

+4.2%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 1.86 bn (23.8% above the 90-day average). Regional investors were net sellers. The index is up 6.2% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing (+18.7%), GB Auto (+9.3%) and Madinet Nasr Housing (+7.4%).<\/p>\n

In the red: <\/strong>Fawry (-3.4%), Rameda (-1.9%) and Speed Medical (-1.9%).<\/p>\n

Shanghai is the only major Asian index in the red this morning<\/strong> as Asian shares followed<\/a>Wall Street in rallying on \u201coptimism\u201d<\/a> that the omicron variant of the virus that causes covid-19 may not kills us all. Futures suggest shares on Wall Street as well as Paris and Frankfurt will follow suit, while the FTSE looks set to open down just a smidge.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is Uber planning to sell a stake in Careem? Uber is in talks with its Middle East unit Careem to \u201cbring outside investors\u201d into the business, Reuters reports, citing sources in the know. It\u2019s so far unclear what the size or structure of the investment would be, but the sources said Uber would remain a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1042,442,72,119,3054,122,151,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553539","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-acwa-power","tag-careem","tag-enterpriseam","tag-financial-markets","tag-natixis-bank","tag-planet-finance","tag-renewables","tag-uber","wpautop","entry"],"acf":{"mongo_id":"75d25795-f5cf-437d-b784-334e206b5190","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[553515],"teaser":"","voice_url":""},"yoast_head":"\nIs Uber planning to sell a stake in Careem? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Uber planning to sell a stake in Careem?\" \/>\n<meta property=\"og:description\" content=\"Is Uber planning to sell a stake in Careem? 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The transaction is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603359,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/21\/uber-careem-takeover-could-lose-usd-470-mn-egypt-watchdog-a-major-concern\/","url_meta":{"origin":553539,"position":1},"title":"Uber-Careem takeover could lose USD 470 mn, Egypt watchdog a major concern","author":"enterpriseam admin","date":"21 April 2019","format":false,"excerpt":"Uber will pay 15% less for Careem if the two fail to get regulatory approval in jurisdictions including Egypt. Uber could get a USD 470 mn break on the USD 3.1 bn price tag it put on its acquisition of Careem if the transaction fails to obtain regulatory approvals in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/jordanian-authorities-sign-off-on-uber-careem-merger\/","url_meta":{"origin":553539,"position":2},"title":"Jordanian authorities sign off on Uber-Careem merger","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"Jordanian authorities sign off on Uber-Careem merger: Jordan\u2019s Industry, Trade, and Supply Minister Tariq Hammouri last week approved Uber\u2019s planned USD 3.1 bn acquisition of Careem after deciding that the transaction would have \u201climited\u201d negative effects on the market, the ministry said in a statement (pdf). Uber and Careem\u2019s combined\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624759,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/potential-uber-careem-merger-could-be-worth-usd-2-5-bn\/","url_meta":{"origin":553539,"position":3},"title":"Potential Uber, Careem merger could be worth USD 2.5 bn","author":"enterpriseam admin","date":"18 September 2018","format":false,"excerpt":"**#4 M&A WATCH- Potential Uber, Careem merger could be worth USD 2.5 bn: Uber is indeed in talks to acquire its Middle East ride-hailing rival Careem in a transaction expected to be worth as much as USD 2-2.5 bn, people familiar with the matter told Bloomberg. Negotiations are ongoing and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621902,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/","url_meta":{"origin":553539,"position":4},"title":"Careem in talks with adviser on potential Uber merger","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"M&A WATCH- Uber, Careem merger talks appear to be in advanced stages despite Egyptian Competition Authority warning: Dubai-based ride-hailing operator Careem is using investment bank Jefferies as an advisor on a potential merger with Uber, three inside sources told Reuters. The news suggests Careem and Uber are ignoring a sharp\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590642,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules\/","url_meta":{"origin":553539,"position":5},"title":"Merged Uber-Careem to operate in Egypt under ECA rules","author":"enterpriseam admin","date":"30 December 2019","format":false,"excerpt":"Uber-Careem merger gets green light from competition authority with a couple of minor caveats: The Egyptian Competition Authority (ECA) has granted regulatory approval for Uber\u2019s USD 3.1 bn acquisition of Careem, imposing only a handful of conditions designed to \u201cprotect the rights of riders, drivers, and investors,\u201d the competition watchdog\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/3061.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553539"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553539\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553515"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553539"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553539"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}