Cairo – Mubasher: The Egyptian Competition Authority (ECA) approved ride-sharing app Uber’s acquisition of its Middle East competitor Careem.
The approval was granted on several conditions, aiming to protect both drivers and riders and combat monopolistic practices, according to a statement on Sunday.
The conditions include setting a maximum fare limit and a maximum surge rate of up to 2.5 times on each ride in case of high demand.
In addition, ECA stated that commission fees for Uberx and CareemGo must not exceed 22.5% and 25.5%, respectively.
In March, Uber Technologies Inc inked a deal to acquire Careem for $3.1 billion, including $1.4 billion in cash and $1.7 billion in convertible notes.
