By ; Nahla Muqalad

The bitter competition protection authority has revealed approval for the Uber acquisition of Karim, which is still in progress. With this approval, the deal is expected to be executed at the beginning of 2020.

Uber and Karim agreed to complete the acquisition in March 2019, and the process is awaiting the approval of relevant regulatory authorities in the MENA region and Pakistan. Approvals have been granted in the United Arab Emirates, the Hashemite Kingdom of Jordan, the Kingdom of Saudi Arabia and the Arab Republic of Egypt, and Uber and Karim continue to work with the relevant competition authorities to obtain the remaining approvals in Pakistan, Qatar and the Kingdom of Morocco. 

For his part, the spokesperson for the company "Uber" said, "We welcome the decision of the Egyptian Authority for Competition Protection and the Prevention of Monopolistic Practices to approve the expected Uber acquisition deal on Karim." The Arabian Egypt."

 Uber's acquisition of Karim dates back nearly a year ago, as the deal combines global leadership with Uber's vast technical expertise with proven Karim capabilities in developing innovative local solutions. Through cooperation and gathering strengths on both sides, the two companies aim to offer more benefits to passengers, drivers and the wider economy.

The deal will provide a unique opportunity to combine the companies ’expertise and operational capabilities in a wide range of areas, including networks, mapping, propulsion systems, and new products such as high-capacity vehicles.

For passengers, the deal will contribute to diversifying the services provided to them and enhancing their confidence in them, while providing wider price ranges to serve a greater number of users throughout the Arab Republic of Egypt. For example, the combination of the two mapping technologies from the two companies will contribute to determining the locations of the rides and disembarkation with greater accuracy and efficiency. , A feature of particular importance for continuing to provide affordable, high-capacity services such as the Uber Bus service.

As for drivers, this transaction can contribute to increasing the number of trips, improving services and providing better job opportunities, in addition to increasing profits and enhancing the ability to predict them through fewer waiting times and benefiting more from the time of drivers on the road.

 The Arab Republic of Egypt is already seeing the economic and social benefits of embracing transportation technologies at a rapid pace. The deal will allow Uber and Karim to continue to contribute to driving economic growth and productivity by increasing the efficiency of the public transport network and linking the workforce to jobs, companies, consumers, and citizens with better public services.

The deal represents a milestone for the region and will act as a catalyst for the regional technology system, which will contribute to enhancing opportunities for emerging entrepreneurs in the Middle East to reach a broad base of local and global investors.

The deal represents a large and long-term investment in the Arab Republic of Egypt by one of the world's leading technology companies, which reflects a clear global acclaim for the comprehensive investment environment in the country and its openness to innovation and its ability to diversify beyond the traditional sources of foreign investment