{"id":623418,"date":"2018-10-30T04:06:36","date_gmt":"2018-10-30T04:06:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/egypt-competition-watchdog-says-oustas-death-pushed-it-to-act-on-uber-careem-merger\/"},"modified":"2018-10-30T04:06:36","modified_gmt":"2018-10-30T04:06:36","slug":"egypt-competition-watchdog-says-oustas-death-pushed-it-to-act-on-uber-careem-merger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/egypt-competition-watchdog-says-oustas-death-pushed-it-to-act-on-uber-careem-merger\/","title":{"rendered":"Egypt competition watchdog says Ousta\u2019s death pushed it to act on Uber, Careem merger"},"content":{"rendered":"

<\/a> ** #2 Competition watchdog says Ousta\u2019s collapse pushed it to act on Uber, Careem merger:<\/strong> The shutdown of Egyptian ride-hailing app Ousta signaled that the Egyptian Competition Authority (ECA) needed to keep an eye on the fast-growing industry, ECA head Emir Nabil said at a press conference on Monday, according to AMAY<\/a>. \u201cThere is a trend in the ride-hailing apps sector away from competition, as evidenced by the collapse of Ousta,\u201d said Nabil. He also noted that both Careem and Ousta had filed antitrust complaints<\/a> against Uber, claiming the global industry leader was trying to force a price war. The merger of Careem and Uber, which is could be worth as much as USD 2.5 bn, has the potential to hurt mns of users as well as the drivers who work for these companies, he added.<\/p>\n

Nabil said both companies acknowledged that merger talks were happening<\/strong>, but claimed the ECA acted when neither Uber nor Careem disclosed details on the transaction talks (shocking that they may want to negotiate a transaction behind closed doors, we know\u2026). The ECA had recently issued a warning<\/a> to Uber and Careem that they could face fines of EGP 500 mn each unless they formally seek an ECA exemption from the Antitrust Act.<\/p>\n

ECA trying to calm market on its push to regulate M&A: <\/strong>\u201cThe ECA does not want to stand in the way of M&As, but it must take steps if the risks of an M&A to the market are too high,\u201d said Nabil. We\u2019re taking that as a bid to calm fears that the ECA was using the Uber, Careem merger as a lever to gain more control over mergers and acquisitions. The ECA has been trying for the past two years to amend the Antitrust Act to give it sign-off powers on all M&A worth more than EGP 100 mn.<\/p>\n

In other ECA news, the authority is planning to look into the spike in potato prices<\/strong>, which has been driving the country hysterical of late. A working team has been formed to study pricing in the market. Nabil also noted that the ECA was cooperating with the UN on a new antitrust legal and policy research center in Cairo, which will launch on 19 November, according to Youm7<\/a>.<\/p>\n

Speaking of spuds: Potato prices were still getting air time last night. <\/strong>Nabil, as well as cabinet spokesperson Nader Saad and Consumer Protection Agency head Reda Abdel Moaty phoned into various talk shows last night to discuss the issue (watch here, runtime: 12: 39<\/a>, here, runtime: 7:44<\/a>, here, runtime: 2:24<\/a>, and here, runtime: 2:15<\/a>). Amr Adib also took note on El Hekaya (watch, runtime: 2:17<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

** #2 Competition watchdog says Ousta\u2019s collapse pushed it to act on Uber, Careem merger: The shutdown of Egyptian ride-hailing app Ousta signaled that the Egyptian Competition Authority (ECA) needed to keep an eye on the fast-growing industry, ECA head Emir Nabil said at a press conference on Monday, according to AMAY. \u201cThere is 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":[8572],"tags":[3498,442,549,72,7128,328,2380,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623418","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-antitrust-act","tag-careem","tag-egyptian-competition-authority","tag-enterpriseam","tag-ma-watch","tag-ride-hailing","tag-speed-round","tag-uber","wpautop","entry"],"acf":{"mongo_id":"fb69c96c-d3a1-4098-98b0-c87c9de6ab8b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[623410],"teaser":"","voice_url":""},"yoast_head":"\nEgypt competition watchdog says Ousta\u2019s death pushed it to act on Uber, Careem merger - 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\/2018\/10\/30\/egypt-competition-watchdog-says-oustas-death-pushed-it-to-act-on-uber-careem-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt competition watchdog says Ousta\u2019s death pushed it to act on Uber, Careem merger\" \/>\n<meta property=\"og:description\" content=\"** #2 Competition watchdog says Ousta\u2019s collapse pushed it to act on Uber, Careem merger: The shutdown of Egyptian ride-hailing app Ousta signaled that the Egyptian Competition Authority (ECA) needed to keep an eye on the fast-growing industry, ECA head Emir Nabil said at a press conference on Monday, 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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":[]},{"id":596961,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/eca-extends-technical-examination-period-of-uber-careem-merger\/","url_meta":{"origin":623418,"position":2},"title":"ECA extends technical examination period of Uber-Careem merger","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"ECA gives itself more time to rule in Uber-Careem merger: The Egyptian Competition Authority (ECA) has extended the period during which it is studying Uber\u2019s recent USD 3.1 bn acquisition of Careem by an additional 60 days, according to an ECA statement. 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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":601485,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/uber-careem-takeover-seems-to-be-closing\/","url_meta":{"origin":623418,"position":4},"title":"Uber-Careem takeover seems to be closing","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"Uber, Careem seem to be closing in on takeover agreement: Talks for global ride-hailing giant Uber to acquire Dubai-based Careem is in an advanced stage, Bloomberg reported. The companies may announce a cash-and-shares transaction that values Careem at about USD 3 bn in the coming weeks but no agreement has\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":594361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/jordanian-authorities-sign-off-on-uber-careem-merger\/","url_meta":{"origin":623418,"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). 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