{"id":590642,"date":"2019-12-30T04:39:33","date_gmt":"2019-12-30T04:39:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules\/"},"modified":"2019-12-30T04:39:33","modified_gmt":"2019-12-30T04:39:33","slug":"merged-uber-careem-to-operate-in-egypt-under-eca-rules","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules\/","title":{"rendered":"Merged Uber-Careem to operate in Egypt under ECA rules"},"content":{"rendered":"

<\/a> Uber-Careem merger gets green light from competition authority with a couple of minor caveats<\/strong>: <\/strong>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 said in a press release (pdf)<\/a>. The ECA says Uber and Careem have accepted the conditions, which are in effect for the first two years post-transaction. They include:<\/p>\n

Customer protection: <\/strong>The ECA capped yearly price increases for UberX and Careem Go services at 10% nationwide, excluding hikes linked to cost-push inflation. The authority also imposed a ceiling on surge pricing at 2.5x the regular fare. No more than 30% of annual trips at either brand can be subject to surge pricing, which hikes the cost of a ride at times of peak demand.<\/p>\n

Driver protection: <\/strong>Uber will be obliged to maintain a driver utilization rate in the range of 60-80% across both platforms. Uber has also agreed to cap its cut of UberX rides at 22.5% and of Careem Go rides at 25%.<\/p>\n

Market entry, and \u201cindustry innovation\u201d: <\/strong>Uber will have to terminate exclusivity agreements with third-party partners and intermediaries (including driver recruitment offices) to help reduce the already high barriers to entry in the ride-hailing market. The company will also need to modify Careem\u2019s logo and marketing materials to explicitly show its link with Uber as a measure to increase transparency and lower \u201ccustomer confusion.\u201d Uber will also need to provide potential competitors and new market entrants with access to its mapping data and data aggregated from trips, as well as customer and driver data, provided they obtain the owners\u2019 consent.<\/p>\n

Third-party monitoring to keep Uber in check:<\/strong> To ensure adherence, a third-party monitoring trustee nominated by Uber and approved by the ECA will be deployed at Uber\u2019s Cairo headquarters. Uber will be required to provide the trustee with random trip data samples to prove it\u2019s upholding the conditions.<\/p>\n

Adjacent markets:<\/strong> Neither brand will be permitted to price bus-hailing services below cost or engage in pure bundling, which is when customers are obliged to purchase more than one service or product at once.<\/p>\n

Uber\u2019s response: <\/strong>Reuters quoted<\/a> an Uber spokesman as saying they welcome the decision and will be joining forces to \u201cdeliver exceptional outcomes for riders, drivers, and cities across Egypt.\u201d Bloomberg<\/a>, meanwhile, took note that the decision was taken after studying data on 270 mn trips and looking at similar Egyptian and international cases.<\/p>\n

Swvl sees this as a positive move to keep the market competitive:<\/strong> The ECA's decision will help provide high-quality services to customers at competitive prices, the CEO of mass-transit app Swvl was quoted by the local press<\/a> as saying.<\/p>\n

Is this permanent? <\/strong>The regulations will be binding for the first two years following the merger. They can then be renewed for subsequent two-year periods, but for no more than a total of five years. The renewal will depend on the extent of Uber\u2019s compliance (think: the relationship between good behaviour and parole). The authority could consider lifting the regulations if market circumstances change or if one or more new players grab a market share of at least 20% individually or 30% collectively<\/p>\n

Why is the ECA doing this? <\/strong>The authority\u2019s reasoning is that high barriers to entry and the length of time it takes ride-hailing companies to reach profitability means the Uber-Careem merger could be anti-competitive, resulting in more price control and declining service quality, among other factors.<\/p>\n

Where the merger stands in other countries:<\/strong> Regulators in other countries in which Uber operates have taken stances in line with the ECA\u2019s, with Qatar having recently reported to have blocked<\/a> the combination of the two businesses altogether. Uber has received the greenlight to proceed in the UAE and Jordan.<\/p>\n

Look for more from other jurisdictions as the transaction closes as early as January: <\/strong>The ride-hailing giant stands to lose<\/a> up to USD 470 mn on the USD 3.1 bn price tag if it doesn\u2019t obtain all the necessary passes. It has, however, previously signalled its readiness to divest from any market that doesn\u2019t play along.<\/p>\n

Background: <\/strong>Upon receiving a formal notification of the acquisition agreement, the ECA \u2014 a long-time critic of the merger \u2014 launched an investigation and went as far as to design an internet poll<\/a> to assess the merger\u2019s effect on the ground. The authority said at the time that the agreement could be a \u201csignificant\u201d impediment to competition. Under the acquisition agreement that was reached in March<\/a>, Uber and Careem will maintain operational autonomy even as Careem becomes a wholly-owned subsidiary of Uber.<\/p>\n

IN RELATED NEWS- The competition authority still wants to expand its powers under the Antitrust Act<\/strong>, ECA Chairman Amir Nabil said at a presser following the announcement of the Uber-Careem agreement, according to Masrawy<\/a>. The amendments, which have been in the works since the authority was led by Mona El Garf, would give the ECA teeth and scope comparable to global antitrust agencies, an ECA official previously told Enterprise<\/a>. El Garf had said that the amendments would also require ECA approval for any merger or acquisition worth more than EGP 100 mn. Nabil did not specify a timeline for the amendments, which would requires signoff by the House of Representatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 said in a press release […]<\/p>\n","protected":false},"author":1,"featured_media":590643,"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":[8572],"tags":[442,72,10811,343,328,2380,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-careem","tag-enterpriseam","tag-mas","tag-regulation","tag-ride-hailing","tag-speed-round","tag-uber","wpautop","entry"],"acf":{"mongo_id":"3c3418af-cbde-40ea-91a5-57a47e372d0c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/3\/3061.jpg","photo_position":"above","related_issue":[590637],"teaser":"","voice_url":""},"yoast_head":"\nMerged Uber-Careem to operate in Egypt under ECA rules - 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The watchdog originally said it would take 60\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":597774,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/egyptian-competition-authority-uber-careem-meet-to-smooth-out-regulatory-snags-in-merger-process\/","url_meta":{"origin":590642,"position":1},"title":"Egyptian Competition Authority, Uber, Careem meet to smooth out regulatory snags in merger process","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"Competition authority meets with Uber, Careem on merger: The Egyptian Competition Authority (ECA) met on Thursday with representatives from Uber and Careem to discuss the regulatory approvals necessary for the ride-hailing companies\u2019 planned merger, the ECA said in a statement (pdf). The sit-down \u201cfocused on the extent to which investments\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":599371,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/uae-authorities-greenlight-uber-careem-merger-egypts-eca-yet-to-decide\/","url_meta":{"origin":590642,"position":2},"title":"UAE authorities greenlight Uber-Careem merger, Egypt\u2019s ECA yet to decide","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"UAE authorities greenlight Uber-Careem merger: Emirati Minister of Economy Sultan bin Saeed Al Mansouri has given \u201cunconditional approval\u201d to Uber\u2019s planned USD 3.1 bn acquisition of Careem, Uber announced yesterday (pdf), making it the first jurisdiction to sign off on the transaction.\u201cThe integration of expertise, competencies and modern technologies ultimately\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":602524,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/31\/eca-launches-poll-to-assess-effects-of-uber-careem-acquisition-agreement\/","url_meta":{"origin":590642,"position":3},"title":"ECA launches poll to assess effects of Uber, Careem acquisition agreement","author":"enterpriseam admin","date":"31 March 2019","format":false,"excerpt":"Competition authority launches polls on Uber-Careem tie-up: The Egyptian Competition Authority (ECA) has launched two opinion polls for drivers and users of ride-hailing apps to analyse the effects of Uber\u2019s recent USD 3.1 bn acquisition agreement with Careem, according to two separate ECA statements (a driver\u2019s survey and a rider\u2019s\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":566957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/uber-careem-merger-official-in-egypt-saudi-uae-jordan\/","url_meta":{"origin":590642,"position":4},"title":"Uber-Careem merger official in Egypt, Saudi, UAE, Jordan","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"M&A WATCH- Uber-Careem merger done in Egypt, Saudi, UAE, Jordan: Uber has formally closed its acquisition of Careem in most major markets, including Egypt. The transaction is still pending regulatory approvals to close in Qatar, Pakistan, and Morocco, Uber said in a statement. For now, Careem will become a wholly-owned\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\/2020\/1\/540.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":590642,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590642","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=590642"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590642\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590643"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590642"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590642"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}