Egypt signed off on Uber Technologies Inc.’s acquisition of ride-hailing peer Careem Inc. after setting price caps and other measures designed to keep the local market competitive.
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The decision was made after studying data on 270 million trips as well as Egyptian and international precedents, the Egyptian Competition Authority said Sunday in a statement.
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Uber in March announced its $3.1 billion purchase of its Dubai-based competitor Careem. Both companies have operated in Egypt since 2014, with their services in the Arab world’s most populous nation including app-hailed passenger vehicles, buses and deliveries.
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